This informative session will guide participants through parts 1, 2, and 3 of the application process, offering clear explanations of each step to help make the program more accessible. We will also discuss what qualifies as eligible expenditures, share practical examples to illustrate how the credit can be applied, and provide an open Q&A segment to address specific questions from attendees.
Whether you are just beginning to explore the Historic Tax Credit or are preparing to submit your application, this workshop is designed to give you the tools and confidence to move forward. While there is no cost to attend, advance registration is required. Please CLICK HERE to register.
Presented by Preservation Buffalo Niagara and Parkside Community Association.
The New York State Historic Homeownership Rehabilitation Credit
This program provides a 20% state tax credit on qualified rehabilitation expenditures (QRE) for the rehabilitation of an owner-occupied property. Projects must exceed $5,000 in QREs with at least 5% of the total project cost spent on exterior work. The credit covers QRE’s up to a credit value of $50,00 per year.
Does Your Home Qualify for the Historic Tax Credit Program?
To be eligible for the homeowner tax credit program, the property must be:
- An owner-occupied structure with a residential use (including condominiums and cooperatives),
- Listed on the State or National Register of Historic Places (either individually or as a contributing building in a historic district) or in a Certified Local Historic District,
- Listed in the New York State or National Register of Historic Places (either individually or as a contributing building in a historic district) or as a contributing building in a Certified Local Historic District.
- Located in a Qualified Census Tract (a federal census tract that is at or below the State Family Median Income Level) or located in a city with a population of under 1MM and at least 15% poverty threshold.For more information about the homeowner tax credit program:
PBN’s Historic Tax Credit Mini Workshop
NYSHPO’s Tax Credit Program Website
NYS Historic Homeownership Tax Credit Program Handout
List of Qualified Rehabilitation Expenditures
New York State and Federal Preservation Tax Credits for Commercial/Income Producing Properties
This program provides a 40%-50% combined state and federal tax credit on qualified rehabilitation expenditures (QRE) for the rehabilitation of commercial/income-producing property. The federal program offers a 20% credit and has no cap on the amount that can be claimed. The state program is limited to properties that are approved for the federal program and are located in qualifying census tracts. It offers a 20% or 30% credit but is capped at $5MM. To qualify for the 30% credit, buildings must be placed in service after January 1, 2021, and have final QREs of no more than $2.5MM.
For more information about the commercial tax credit program:
NYSHPO’s Tax Credit Program Website
NYSHPO’s Commercial Historic Tax Credit Info Sheet
NYSHPO’s Tax Credit Comparison Chart
The New York State Historic Barn Rehabilitation Tax Credit
This program provides a 25% state tax credit on qualified rehabilitation expenditures (QRE) for the rehabilitation of a historic barn. The barn must have been built prior to 1946, or be listed in the State or National Register of Historic Places. The project must not convert the barn into a residence, and project costs must exceed $5,000 in QREs.
For more information, visit the NYSHPO’s Tax Credit Program website