Tax Credit Programs
Historic Rehabilitation Tax Credit Programs
Preservation-based tax incentive programs are available in New York State for the rehabilitation of historic income-producing properties, owner-occupied residences, and barns.
These programs are managed through the New York State Historic Preservation Office (SHPO) in partnership with the National Park Service (federal), the Internal Revenue Service (federal), and the New York State Department of Taxation and Finance (state).
Program Types
The Federal Historic Preservation Tax Credit Incentives program provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic income-producing property. For projects approved for the federal credit, the property owner may be eligible for an additional 20-30% New York State credit. There is one application for both programs.
The New York SHPO is the first point of contact and primary coordinator to gain approvals for both programs for projects based in New York State. Partners include the National Park Service, the Internal Revenue Service, and the New York State Department of Taxation and Finance.
For Owner-Occupied Historic Residences
The New York SHPO administers the application process for the approval of the use of the New York State Historic Homeownership Rehabilitation Tax Credit Program. This partnership program with the New York State Department of Taxation and Finance offers a 20% New York State tax credit for the rehabilitation of owner-occupied historic properties.
For Historic Barns
The New York SHPO administers the application process for the approval of the use of the New York State Historic Barn Rehabilitation Tax Credit Program. This partnership program with the New York State Department of Taxation and Finance offers a 25% New York State tax credit for the rehabilitation of barns constructed prior to 1946.
Disclaimer
This website does not provide legal, tax or accounting advice. The information provided is intended to be general in nature and visitors to the website are strongly encouraged to consult their own professional tax, accounting, and legal advisors on individual tax matters or consult the New York State Department of Taxation and Finance or the Internal Revenue Service (IRS).
The Office of Parks, Recreation and Historic Preservation (OPRHP) is not responsible for the information or advice provided here as it may affect the specific tax consequences to any individual (including sole proprietor), corporate, partnership, estate or trust taxpayer, which will depend on many other facts and circumstances. The information is for the general benefit of persons interested in obtaining certifications from OPRHP that may allow them to qualify for federal or state historic properties tax credits.
Given the frequency of changes in federal and state tax laws, regulations and guidance, of necessity, the information cannot be expected to be completely current and it represents a good faith effort to reference controlling laws and regulations as accurately as possible.