BILL NUMBER: S4057A
SPONSOR: FAHY
 
TITLE OF BILL:
An act to amend the tax law and the parks, recreation and historic pres-
ervation law, in relation to extending the historic homeownership reha-
bilitation tax credit and requiring additional reporting
 
PURPOSE OR GENERAL IDEA OF BILL:
To permanently reinstate the maximum allowable amount of the residential
historic rehabilitation credit to fifty thousand dollars, eliminate the
requirement for a minimum percentage of exterior rehabilitation expendi-
tures and add reporting requirements.
 
SUMMARY OF PROVISIONS:
Section one amends paragraphs 2 and 3 of subsection (pp) of section 606
of the tax law to make the residential historic rehabilitation tax cred-
it of up to fifty thousand dollars permanent and remove the requirement
that at least 5% of total rehabilitation expenditures be allocable to
rehabilitation of the exterior of the qualified historic home. Section
one also adds new paragraph 13 to direct the commissioner to report
annually on the aggregate amounts of credits claimed and awarded under
this subdivision on tax returns filed during the preceding calendar year
and to make such report publicly available on the department's website.
Section two adds paragraph b to subdivision 5 of section 14.05 of the
parks, recreation and historic preservation law to direct the commis-
sioner to report annually on the tax credit projects applied for pursu-
ant to subdivision pp of section 606 of the tax law, including the
number and value of the credit projects applied for during the fiscal
year, number and value of credit projects certified during the fiscal
year, the total value of credits certified annually for each year since
2007, the number of housing units before and after rehabilitation and
the number of projects certified for state credits.
Section three: Establishes the effective date. JUSTIFICATION: Many
communities across the state have old housing stock, and because the
"greenest" buildings are the ones that already exist, this bill encour-
ages people to rehabilitate and renovate these old homes to bring them
up to current standards. By making rehabilitation projects more afforda-
ble, the tax credit program saves and supports the historic character of
our neighborhoods while also stimulating investment in local economies.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to tax years
beginning on or after January 1, 2025.

Statutes affected:
S4057: 14.05 parks recreation and historic preservation law
S4057A: 14.05 parks recreation and historic preservation law