Federal Tax Credits
The Federal Historic Rehabilitation Tax Credit program provides a 20% federal income tax credit for owners of income-producing properties listed on the National Register of Historic Places. Property owners completing a substantial rehabilitation of their historic buildings can receive the credit if their work meets the Secretary of the Interior’s Standards for Rehabilitation and is approved by the National Park Service.
To learn more about the Federal Historic Rehabilitation Tax Credit, contact the NYS Historic Preservation Office at 518.237.8643.
Infographic showing positive impacts for NYS thanks to the Federal Historic Tax Credit. Click to view larger.
NYS State 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.
Requirements:
The building must be individually listed in the State or National Register of Historic Places, or in a listed historic district.
The building must be located in a qualifying census tract; OR Be a historic building in a city with a population under one million with at least 15% poverty threshold;
The project must meet the spending threshold of this program by spending at least $5,000 in qualifying expenses.
The New York State Historic Commercial Properties Tax Credit is available for owners of historic income-producing properties, and covers:
20% of qualified rehabilitation expenditures (QREs) under $5 million; or
30% of qualified rehabilitation expenditures (QREs) under $2.5 million for projects with a completion date subsequent to January 1, 2022.
Requirements:
The building must be individually listed in the State or National Register of Historic Places, or in a listed historic district.
Use of the state commercial credit is limited to buildings in qualifying census tracts; OR historic buildings within a New York State Park or State Historic Site.
The state credit must be combined with the 20% Federal Historic Preservation Commercial Tax Credit (which together total a 40% credit for projects with QREs under 5 million, or 50% for projects with QREs under $2.5 million. Therefore, the project must meet all the requirements of the Federal Rehabilitation Tax Credit Program. Additional details can be found on the National Park Service website.
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.