BILL NUMBER: S4057
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:
Updates the historic homeownership rehabilitation tax credit by increas-
ing the income threshold, removing the requirement that the credit be
used for the home's exterior, and requiring the commissioner to release
an annual report on the credit.
 
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, to increase the threshold
adjusted gross income needed to potentially qualify for a tax refund to
seventy-five thousand dollars, and to remove the requirement that at
least 5% of total rehabilitation expenditures be allocable to rehabili-
tation of the exterior of the qualified historic home. Section one also
adds new paragraph 13 to require the commissioner to report annually on
the aggregate amounts of credits claimed and awarded under this subdivi-
sion 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 require 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 of 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. The greenest
buildings are the ones that already exist. This bill encourages people
to continue to invest, rehabilitate, and bring these houses up to
current standards. The tax credit program makes pursuing these projects
more affordable.
 
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