Historic Tax Credits
Owners of historic buildings and barns may qualify for a tax credit to rehabilitate the property.
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.
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 an 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 an 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 to 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. In order 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 an 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.