Historic Rehabilitation Tax Credits

Rehabilitation of historic Institute cottages may qualify for a New York State tax incentive. The Historic Homeownership Rehabilitation Credit program offers a state income tax credit equal to 20% of qualified rehabilitation expenses associated with repair, maintenance, and upgrades to historic homes. The value of the credit is applied to your NYS tax liability to reduce the amount you owe. The program covers 20% of qualified rehabilitation expenses up to a credit value of $50,000 per year.

 

For more information please  call SHPO Division staff at 518-237-8643 and request to speak to the staff member who handles Wyoming County or visit their website. 
 

Qualifications:

• The applicant must own and live in the house.

• The house must be listed in the New York State and National Registers of Historic Places individually or as a contributing building in a listed Historic District. Note: In some cases, a local historic district has been certified to participate in tax credit programing.

• The house must be located in a qualifying census tract.

• The rehabilitation expenses must be $5,000 or more with a minimum of 5% of that being spent on exterior work.

• All projects must be approved before work begins.