Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Summary
Bill S03140 proposes a tax credit for the rehabilitation and energy retrofitting of historic wood windows in New York. The credit allows taxpayers to claim 25% of their qualified expenditures on such projects, provided these expenditures are incurred within five years prior to the application for the credit. The bill defines 'historic wood windows' as those that are at least fifty years old and approved by the state historic preservation office. It aims to promote energy efficiency while preserving the historical integrity of these windows.
Impact
If enacted, this bill would create a new tax incentive aimed at encouraging the preservation of historic wood windows, which could lead to increased energy efficiency in older buildings. It would amend the existing tax law to include a new subsection dedicated to this tax credit, potentially affecting property owners and contractors involved in rehabilitation projects. The total tax credits allocated each fiscal year would be capped at $200,000, which may limit the number of projects that can benefit from this incentive.
Sentiment
The sentiment surrounding Bill S03140 appears to be generally positive, as it aligns with goals of energy efficiency and historical preservation. However, there may be concerns regarding the cap on funding and the first-come, first-served allocation method, which could disadvantage some applicants.
Contention
Notable points of contention may arise regarding the funding cap of $200,000 per fiscal year, which some stakeholders might argue is insufficient to meet the demand for such credits. Additionally, the income threshold of $60,000 for taxpayers to receive a refund on excess credits may be seen as restrictive by some advocates for low-income homeowners.
Same As
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
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.
An act to amend Section 17053.91 of, and to add and repeal Sections 17053.92 and 23692 of, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
Establishes a tax credit for eligible expenses incurred in the rehabilitation of historic structures included on the National Register of Historic Places (Item #19) (RE DECREASE GF RV See Note)