BILL NUMBER: S3140
SPONSOR: COONEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a historic wood
window rehabilitation and energy retrofit tax credit
 
PURPOSE OR GENERAL IDEA OF BILL:
To establish a Historic Wood Window Rehabilitation and Energy Retrofit
Tax Credit
 
SUMMARY OF PROVISIONS:
Section 1: Amends the Tax Law by adding a new subsection (ppp) to
section 606 establishing a Historic Wood Window Rehabilitation and Ener-
gy Retrofit Tax Credit. The amount of the credit shall be 25% of the
taxpayer's qualified rehabilitation and energy retrofit expenditures
paid or incurred within the 5 years immediately preceding the year in
which the tax shall be applied.
The total amount of tax credits allocated each fiscal year shall not
exceed $200,000 and rebates shall be allocated on a first-come, first-
served basis. An owner-occupied residential property or owners of
commercial properties shall not exceed $50,000 in expenditures per
fiscal year.
If the amount of credit allowable exceeds a taxpayer's tax and the
taxpayer's New York adjusted gross income does not exceed $60,000, the
excess shall be treated as an overpayment or tax to be credited or
refunded.
§ 2: Effective Date
 
JUSTIFICATION:
New York State is home to a wealth of historic buildings, some dating
from as early as the 17th century. These buildings represent the growth
of the Empire State, reflecting settlement patterns, industrial inno-
vation and the influence of the land on building styles and materials.
As sustainable building practices and historic preservation gain momen-
tum, the number of older buildings and structures needing rehabilitation
and restoration increases. In particular, there is a need to balance the
rehabilitation of wood windows with energy efficiency while maintaining
the historic integrity of the windows.
This legislation will establish a Historic Wood Window Rehabilitation
and Energy Retrofit Tax Credit intended to spur the restoration of these
historic wood windows while increasing energy efficiency. The tax credit
shall be 25% of the taxpayer's qualified rehabilitation and energy
retrofit expenditures paid or incurred within the 5 years immediately
preceding the year in which the tax shall be applied. The total amount
of tax credits allocated each fiscal year shall not exceed $200,000 and
rebates shall be allocated on a first-come, first-served basis. An
owner-occupied residential property or owners of commercial properties
shall not exceed $50,000 in expenditures per fiscal year. Additionally,
this legislation would deliver benefits of this program more effectively
to New Yorkers by providing a refund if the tax credit exceeds the
taxpayer's tax owed.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S.8205
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
commencing on and after such date.

Statutes affected:
S3140: 606 tax law