Historic Rehabilitation Tax Credit
The New York State Historic Rehabilitation Tax Credit program was enhanced from 2008. This is thanks to the Preservation League of NY. They led a diverse coalition of business and municiple leaders, preservation organizations and environmental groups to help enhance this program. The goal is to stimulate downtown and neighborhood revitalization in municipalities that need meaningful economic development tools.
The following are the changes made:
Rehabilitation of Historic Properties -Commercial:
- credit percentage increases from 6{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} to 10{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of qualified rehabilitation costs (NYS credit is now 50{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} of the federal credit rate)
- Credit cap increases from 100K to $5 million
- Establishes transferability among business partnerships
Historic Home ownership Rehabilitation:
- credit cap increases from $25K to $50K per residence
- Qualifies historic housing census tracts at or below 90{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} State Median Family Income (SMFI)
- Establishes credit rebate provision for homeowners earning less than $60,000