New York Legislation to Resurrect Historic Barn Tax Credit Awaits Governor’s Signature

Tuesday, August 10, 2021 - 11:15am

Legislation to resurrect New York’s Historic Barn Rehabilitation Tax Credit has passed the state Assembly and Senate and awaits the governor’s signature. S. 6042 would establish a credit for 25% of qualified rehabilitation expenditures on historic barns, bringing back a program that was abolished due to complications from federal tax reform in 2017. Barns built before 1945 would be eligible for the credit and those built after 1945 may qualify if they are listed on the state or National Register of Historic Places. If the governor signs the bill, the credit becomes effective Jan. 1, 2022.

The 2020 edition of the Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the program, including the interaction of state and federal credits.