As of January 1, 2025, the homeowner portion of the NYS Historic Rehabilitation Tax Credit Program stepped down significantly in value from a maximum of $50,000 per project to $25,000. Additionally, the rebate provision of the credit, which has been so helpful to those homeowners without the state tax liability to accept the full value of the credit and instead receive it as a rebate, has been allowed to expire.

In response, there has been introduced in the NYS Legislature a bill that would restore the Homeowner Credit to its pre-January 1, 2025, value. In the Senate it is bill S4057A sponsored by Senator Patricia Fahy and in the Assembly it is A5453 sponsored by Assemblymember Carrie Woerner (click the links to read the full legislation and see the current list of co-sponsors).

Because tax credits have a fiscal impact on New York State, it is likely that any fix to the tax credit program will have to be a part of the FY27 Budget now being negotiated in Albany. For it to be included, legislators will need to sign on as co-sponsors of the legislation and request that leadership include the bill’s language in the final FY27 Budget.

Please reach out to your legislators now and ask them to co-sponsor S4057A Fahy/A5453 Woerner and tell leadership it is time to restore the Homeowner Tax Credit.

Click here for a fact sheet on the legislation for you to share.

Help us spread the word: You can find all of this information on our website here.

Not sure who your elected representatives are? Click here to find your NYS Senator and here to find your NYS Assemblymember.

For more information or if questions arise, please reach out to League President Jay DiLorenzo via email at jdilorenzo@preservenys.org.