The New York State Historic Homeowner Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000.
The NYS Historic Commercial Properties Tax Credit will cover up to 20% of qualified rehabilitation costs up to a credit value of $5 million. The 20% Federal Historic Preservation Commercial Tax Credit can be combined with the NYS Historic Commercial Tax Credit to cover 40% of qualified rehabilitation expenditures.
This program requires that the building be individually listed in the State or National Register of Historic Places, or in a listed historic district. For the NYS historic tax credits, the building must be located in a qualifying census tract, and must meet the spending thresholds for each program, $5,000 for the NYS Historic Homeowner and $100,000 or 100% of the property’s adjusted basis for the NYS and Federal Commercial credit.
To find out if a property is eligible, please visit http://nysparks.com/shpo/tax-credit-programs/ or contact Sloane Bullough at the New York State Office of Parks, Recreation and Historic Preservation at 518-237-8643, ext. 3252.
Commercial Case Studies
Homeowner Case Studies
The case studies above document the economic benefits of several of the first rehabilitation projects to utilize the New York State Rehabilitation Tax Credit programs. The Preservation Economic Impact Model (PEIM) created for the National Park Service by the Center for Urban Policy and Research at Rutgers University was used to forecast the total economic effects of rehabilitation of commercial historic buildings. PEIM employs a multiplier methodology that calculates job creation, employee wages, and state and local tax benefits generated from a rehabilitation investment based on key project characteristics such as location, total development cost, and type of project.