You're entitled to claim this credit if you:
- rehabilitate a qualified historic home in New York State, or
- purchase a rehabilitated qualified historic home in New York State.
- a federal qualified census tract or area of chronic economic distress, or
- a census tract that is at 100% or below the state family median income level.
To qualify for the credit:
- You must own and reside in the historic home in New York State in the year for which you claim the credit.
- Qualifying rehabilitation costs for the project must be $5,000 or more.
- You must receive preliminary approval and a Certificate of Completion from the New York State Office of Parks, Recreation, and Historic Preservation.
How much is the credit?
The historic homeownership rehabilitation credit is equal to 20% of the qualified rehabilitation expenditures. The credit cannot exceed $50,000 per taxpayer per year. A husband and wife who are both eligible to claim the credit may each claim up to $50,000, whether they file joint or separate returns.
- If your New York adjusted gross income for the tax year is $60,000 or less and your credit is more than the tax you owe, the excess credit is refundable.
- If your New York adjusted gross income for the tax year is more than $60,000 and your credit is more than the tax you owe, the credit isn't refundable. However, you may carry over any excess credit to the following year or years.