Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.
Summary
Bill A07526 seeks to amend the New York tax law regarding the definition of a 'qualified historic home' for the purpose of the historic homeownership rehabilitation credit. The bill proposes to clarify the criteria under which a historic home qualifies for this tax credit, specifically focusing on homes that have been substantially rehabilitated and are owned by the taxpayer. It also introduces additional criteria related to the economic status of the area where the home is located, such as being in a targeted area or a census tract with a median family income at or below the state average.
Impact
If enacted, this bill would modify the existing tax law to potentially broaden the scope of properties eligible for the historic homeownership rehabilitation credit. By refining the definition of a qualified historic home, the bill aims to encourage rehabilitation efforts in economically challenged areas, thereby promoting both historical preservation and community revitalization. This could lead to increased investment in historic properties, particularly in lower-income neighborhoods, and may also affect local tax revenues depending on the uptake of the credit.
Sentiment
The general sentiment surrounding Bill A07526 appears to be supportive, particularly among those advocating for historic preservation and community development. However, as there have been no recorded votes or detailed committee discussions available, it is difficult to gauge the full spectrum of opinions from lawmakers or constituents at this stage.
Contention
While there are no explicit points of contention noted in the available context, potential areas of debate could arise around the criteria for defining economically disadvantaged areas and the implications for property owners and local governments. Stakeholders may have differing views on the effectiveness of the tax credit in achieving its intended goals of preservation and economic revitalization.
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.
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.
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.
Providing for historic homeownership preservation incentive tax credit; imposing duties on the Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission; and establishing the Historic Homeowner Preservation Tax Credit Administration Fund.