BILL NUMBER: S405
SPONSOR: MYRIE
 
TITLE OF BILL:
An act to amend the tax law, in relation to adding certain properties to
the definition of a qualified historic home for the historic homeowner-
ship rehabilitation credit
 
PURPOSE:
This bill expands the scope of the term "qualified historic home" to
include residences within "qualifying census tracts" located in cities
with a population greater than one million people and, therefore,
subject to the Homeowner Tax Credit.
 
SUMMARY OF PROVISIONS:
Section 1 amends clause (iv) of subparagraph (A) of paragraph 5 of
subsection (pp) of section 606 of the Tax Law to provide tax credits to
qualified historic homes that are located in cities with a population
greater than one million people in a qualifying census tract as of Janu-
ary 1, 2017, and was owned by the applicant on January 1, 2010.
Section 2 provides for the effective date.
 
JUSTIFICATION:
Many New York City homeowners purchased their properties in historic
districts during periods of economic distress. These homeowners contrib-
uted significantly to the neighborhoods' respective development over
time. Therefore, they should benefit from available tax credits like the
Historic Homeownership Rehabilitation Credit to improve their homes.
This bill would adjust the application credit criteria to ensure these
individuals are rewarded for their investment and commitment.
 
LEGISLATIVE HISTORY:
S224 of 2023-24: Passed Senate
S293A of 2021-22: Passed Senate.
S8077 of 2020: Referred to Budget and Revenue.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on and after January 1, 2024.

Statutes affected:
S405: 606 tax law, 606(pp) tax law