Extends the benefit window of the historic homeownership rehabilitation tax credit; requires additional reporting on the utilization of such credit.
Summary
This bill extends New York’s historic homeownership rehabilitation tax credit by removing the prior expiration date and continuing the credit for taxable years beginning on or after January 1, 2025. It also makes a technical wording change from “husband and wife” to “married couple” and preserves the existing rules governing qualified rehabilitation expenditures for certified rehabilitation of qualified historic homes. The bill keeps the credit structure tied to rehabilitation work on historic residences and continues to limit eligible expenditures to those properly allocable to the residential portion of a property when only part of a building is used as a home.
In addition to extending the credit, the bill adds new reporting requirements for both the Department of Taxation and Finance and the Office of Parks, Recreation and Historic Preservation. The tax department must annually report the aggregate amount of credits claimed and awarded, while the historic preservation office must report on applications, certifications, project locations, project sizes, credits certified over time, housing units before and after rehabilitation, and the number of projects certified for state credits. These reports must be submitted to state leaders and posted publicly, increasing transparency around the program’s use and outcomes.
Impact
The bill amends the tax law to continue the historic homeownership rehabilitation tax credit for 2025 and later tax years, and it amends the parks, recreation and historic preservation law to require annual public reporting on credit utilization and project activity. The practical effect is to preserve a state tax incentive for rehabilitating qualified historic homes while adding oversight and data disclosure requirements for the agencies administering and tracking the program. It affects taxpayers undertaking certified historic home rehabilitation projects, as well as the Department of Taxation and Finance and the Office of Parks, Recreation and Historic Preservation.
Sentiment
Based on the bill text and available context, the measure appears generally supportive of historic preservation and housing rehabilitation, with an emphasis on continuing an existing tax incentive rather than creating a new one. The addition of reporting requirements suggests a policy interest in transparency and program evaluation. No committee transcript or vote record was provided, so there is no direct evidence of opposition or support beyond the bill’s stated purpose and amendments.
Contention
The main policy issue reflected in the bill is not whether to preserve the credit, but how long to extend it and how much oversight should accompany it. The bill removes a prior reduction or sunset in the credit’s benefit window and replaces it with continued availability starting in 2025, which may be viewed as favorable to homeowners and preservation advocates but potentially costly in foregone tax revenue. The new reporting mandates may also be seen as a response to concerns about accountability, geographic distribution of benefits, and whether the credit is producing housing and preservation outcomes. No specific stakeholder objections are documented in the provided materials.
Same As
Extends the benefit window of the historic homeownership rehabilitation tax credit; requires additional reporting on the utilization of such 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.
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.
Creates an office to residential conversion tax credit which shall be administered by the empire state development corporation; creates a historic preservation rehabilitation office to residential conversion tax credit which shall be administered by the state historic preservation office.
Creates an office to residential conversion tax credit which shall be administered by the empire state development corporation; creates a historic preservation rehabilitation office to residential conversion tax credit which shall be administered by the state historic preservation office.