Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
Summary
Bill A05588 amends the New York tax law to expand the definition of a qualified historic home eligible for the historic homeownership rehabilitation credit. Specifically, it includes properties located in cities with populations over one million that meet certain criteria related to income and poverty levels. The bill aims to incentivize the rehabilitation of historic homes in urban areas, thereby promoting preservation and revitalization efforts in these communities.
Impact
The bill's passage will modify the existing tax law to allow a broader range of properties to qualify for tax credits aimed at historic home rehabilitation. This change is expected to encourage property owners in eligible areas to invest in the restoration of historic homes, potentially leading to increased property values and enhanced neighborhood aesthetics. Furthermore, it could stimulate local economies through construction and renovation activities.
Sentiment
The sentiment surrounding Bill A05588 appears to be overwhelmingly positive, as indicated by the unanimous support in committee votes. The Assembly Rules Committee and the Assembly Ways and Means Committee both reported favorably on the bill, suggesting a strong consensus among lawmakers regarding its benefits for urban historic preservation.
Contention
There were no notable points of contention raised during the discussions or votes on Bill A05588. The unanimous support in committee votes indicates a lack of opposition or significant debate regarding the bill's provisions.
Same As
Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
"Homeowners' Historic Property Reinvestment Act"; allows homeowners to claim credit against gross income tax for certain costs of rehabilitating historic properties.
"Homeowners' Historic Property Reinvestment Act"; allows homeowners to claim credit against gross income tax for certain costs of rehabilitating historic properties.
Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.