NYS Tax Credits
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 New York State Historic Commercial Properties Tax Credit will cover 20% of qualified rehabilitation costs up to a credit value of $5 million.
To determine eligibility or for more information, please visit the New York State Office of Parks, Recreation and Historic Preservation website or call them at 518.237.8643, and ask for the state tax credit staff member.
For more information, contact:
Erin M. Tobin
Vice President for Policy and Preservation
518.462.5658 ext. 12
Two important improvements to the State Historic Tax Credit have made it into the final state budget. All historic buildings within two distinct groups can take advantage of the State Historic Tax Credit, regardless of prior qualification:
1. Historic buildings within New York State Parks and State Historic Sites
2. Historic homes in cities with a population under one million with at least 15% poverty threshold
This win for historic preservation would not be possible without the leadership of Governor Andrew M. Cuomo, the Assembly and Senate, especially Assembly Speaker Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins, Assembly Ways and Means Chair Helene E. Weinstein and Senate Finance Chair Liz Krueger.
Recognition also belongs to Assemblymembers Carrie Woerner, Donna Lupardo, Patricia A. Fahy, Steve Otis, Steven Englebright, Robin Schimminger, Anthony D'Urso, and Carmen Arroyo and NYS Senators Timothy Kennedy and Jose M. Serrano who sponsored the initial bill that included the poverty rate qualification for cities.
Click here to learn more.
The (3) proposed tax credit enhancements (below) are reflected in Bills A5760, Introduced by Assemblywoman Carrie Woerner and S3645, introduced by Senator Tim Kennedy. See our Advocacy Updates page for the latest information.
In 2019, the League is advocating for the following enhancements to the State Historic Tax Credit:
1) Ability to directly transfer NYS Historic Tax Credits, mirroring the allowed transferability in the NYS Low-Income Housing Tax Credit.
Transferring NYS Historic Tax Credits provides a greater return on New York State’s tax credit dollar, driving more investment into economic development rehabilitation projects.
2) Increasing the NYS Historic Tax Credit from 20% to 30% for small projects under $5 million.
Owners of smaller historic buildings, the type typically found in a Main Street neighborhood commercial corridor, are challenged to make a historic rehabilitation project feasible in projects under $5 million. This increase will encourage these projects to move forward.
3) Qualifying every city under one million with a 15% poverty threshold for the NYS Historic Tax Credit.
Allowing entire cities in upstate New York to qualify for this economic development incentive will benefit cities and the state overall, removing qualification ambiguity.
Recommendations for Extension and Reform of the NYS Historic Tax Credit and Response to the Federal Tax Cuts and Jobs Act
Governor Cuomo Announces New York State Led Nation in Investments to Revitalize Historic Properties Statewide - 04.06.17
Historic rehabilitation tax credits have been instrumental in attracting investment to long-vacant historic properties, from neighborhood schools to mills and factories. Projects in our state are able to access not only New York State rehabilitation tax credits but federal tax credits – for up to 40% of their qualified rehabilitation expenses.This helps developers balance risk and reward when taking on challenging renovation projects, and ultimately benefits all New Yorkers.