New York Senate Bill S09194

New York 2025-2026 Regular Session

• Introduced: 2/12/26
• Refer: 2/12/26

Caption

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

S09194 amends New York’s tax law to expand the definition of a “qualified historic home” for purposes of the historic homeownership rehabilitation credit. Under current law, the credit applies to certain historic homes in targeted areas, low-income census tracts, and certain high-poverty cities under one million in population. This bill adds a new category: properties located in a city with a population of one million or more that are in a qualifying census tract as of January 1, 2017, and that were owned by the applicant on January 1, 2010. The practical effect is to make more historic homes in New York City eligible for the rehabilitation credit, potentially increasing the number of homeowners who can claim the tax benefit for restoring qualifying historic properties. The bill takes effect immediately but applies only to taxable years beginning on or after January 1, 2027.

Impact

The bill would amend section 606(pp) of the Tax Law, expanding eligibility for the historic homeownership rehabilitation credit by adding a New York City-specific eligibility pathway tied to qualifying census tracts and prior ownership dates. This would affect homeowners of historic properties in cities of one million or more, especially in New York City, and could increase state tax credit claims for rehabilitation work on eligible homes beginning with tax years starting in 2027.

Sentiment

Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a targeted tax incentive expansion with no documented opposition or support in the provided materials. Its framing suggests a policy goal of encouraging preservation and rehabilitation of historic homes in dense urban areas, particularly in New York City. No voting history or transcript evidence is available to indicate broader legislative sentiment.

Contention

The main policy issue is the geographic and ownership-based narrowing of the new eligibility category. Supporters would likely view the bill as a way to extend preservation incentives to historic homes in New York City that were previously excluded, while potential critics could question whether the added credit is too specific, whether it benefits a limited set of property owners, or whether it expands state tax expenditures without broader public benefit. No explicit objections or endorsements are included in the available record.