Historic Preservation Tax Credits
The Preservation League served as lead advocate to create and enhance the New York State Rehabilitation Tax Credit program, which provides a state-level financial incentive for both income-producing historic commercial structures and owner-occupied historic homes. First established in 2007, these programs were expanded and enhanced in 2009 and 2010. As a result of continued League advocacy, Governor Andrew Cuomo recently extended program availability through 2019 and also made the NYS rehabilitation tax credit program for income-producing properties refundable, which the League expects to further accelerate rehabilitation investments in New York State.
League staff are now tracking program performance and documenting projects completed under this program to quantify the substantial economic and community redevelopment impacts of this program.
Rehabilitation Tax Credit Program for Owner-Occupied Homes
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. This program requires that the building be individually listed in the State or National Register of Historic Places or a contributing structure in a listed historic district. The building must also be located in a qualifying census tract and meet a $5000 spending threshold. The NY State Historic Preservation Office must approve all work prior to construction and certify completion of work before issuing the credit.
Rehabilitation Tax Credit Program for Commercial Properties
The New York State Historic Commercial Properties Tax Credit will cover up to 20% of qualified rehabilitation costs up to a credit value of $5 million. The state credit must be combined with the 20% Federal Historic Preservation Commercial Tax Credit which can then cover 40% of qualified rehabilitation expenditures. Although the federal rehabilitation tax credit is available throughout New York State, complementary use of the state credit is limited to buildings in qualifying census tracts.
This program requires that the project use the Federal Rehabilitation Tax Credit, therefore the project must meet all the requirements of the Federal Rehabilitation Tax Credit Program. Additional details on the Federal Rehabilitation Tax Credit Program are at http://www.nps.gov/tps/tax-incentives/taxdocs/about-tax-incentives-2012.pdf and http://www.nps.gov/tps/tax-incentives/before-you-apply.htm.
For additional details on program requirements, 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. For information on continuing legislative advocacy or program performance, please contact
Director of Public Policy
518-462-5658 ext. 18
For technical preservation questions, please contact Frances Gubler, Preservation Associate at 518-462-5658 x 10 or the NYS Historic Preservation Office at 518-237-8643.