What's happening
This bill expands the definition of "qualified historic home" for tax credits to include homes in certain high-poverty cities.
Why it matters
Expands access to historic home tax credits. By including homes in cities with populations under one million and poverty rates over 25%, more homeowners—specifically in economically distressed urban areas—can benefit from rehabilitation incentives.
Targets urban revitalization. The amendment is likely to spur investment and preservation in high-poverty cities, encouraging restoration of historic properties that may otherwise be neglected due to lack of financial resources.
Potential to address housing and economic inequality. By broadening the definition, the bill aims to make the historic homeownership rehabilitation credit available to more low- and moderate-income families, potentially aiding neighborhood stability and wealth-building in under-resourced communities.
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Who cares
Headline styles
Expand Historic Home Tax Credit
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History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5385
2019-2020 Regular Sessions
IN ASSEMBLY
February 11, 2019
Introduced by M. of A. RYAN -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (A) of paragraph 5 of subsection (pp) of section 606 of the tax law, as added by chapter 547 of the laws of 2006, clause (iv) as amended by chapter 239 of the laws of 2009, is amended to read as follows:
(A) The term "qualified historic home" means, for purposes of this subsection, a certified historic structure located within New York state:
(i) which has been substantially rehabilitated,
(ii) which, or any portion of which, is owned, in whole or part, by the taxpayer,
(iii) in which the taxpayer resides during the taxable year in which the taxpayer is allowed a credit under this subsection, and
(iv) (1) which is in whole or in part a targeted area residence within the meaning of section 143(j) of the internal revenue code or is located within a census tract which is identified as being at or below one hundred percent of the state median family income in the most recent federal census, or
(2) which is located in a city with a population of less than one million with a poverty rate greater than twenty-five percent in the federal census of two thousand ten.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06310-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.