Sometime after midnight on Thursday, before heading off on summer recess, both houses of the New York State Legislature passed a measure (A.11987/S.8392) providing a State Income Tax credit for the rehabilitation costs of historic commercial and residential structures. Governor Pataki, who has supported this initiative in the past, is anticipated to sign this bill into law within the next 45 days. Under this new legislation, approximately 11,000 State and National Register-listed, owner-occupied residential structures in distressed areas would be eligible for a New York State Income Tax Credit covering 20% of exterior rehabilitation costs, up to a credit value of $25,000. National Register-listed or -eligible commercial properties that qualify for the Federal Rehabilitation Tax Credit would also qualify for a New York State Income Tax Credit covering 30% of rehabilitation costs, up to a credit value of $100,000.
Preservation Tax Credits Approved [Preservation League]
Photo of the Reverend J. Edward Nash House, Buffalo, NY.