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Assemblyman Barclay today announced that legislation has passed that will offer more tax breaks to rehabilitate historic homes. The Rehabilitation Tax Credit Program (A.30000) expands the law to provide an additional $15 million in tax cuts beginning in 2009.
“I’m pleased that this law, which will provide home owners of historic propertiesâ€â€Âboth commercial and residentialâ€â€Âwith an incentive to maintain their historic properties through increased state tax breaks,†said Barclay. Barclay supported the Rehabilitation Tax Credit program in the Assembly.
The law expands the Rehabilitation Tax Credit program to allow commercial property owners a credit that is equal to 50 percent of their Federal Rehabilitation Credit, not to exceed $5 million. The current credit is 30 percent, not to exceed $100,000. For residential property owners, tax credits would remain at 20 percent of the Federal Rehabilitation Credit, but the law increased the cap from $25,000 to $50,000. Further, it allows the credit to be refundable for taxpayers whose state adjusted gross income is $60,000 or less.
“This region is rich with historic properties and this legislation gives people and businesses more incentive to invest in their older homes and businesses which greatly add to the landscape and character of our towns and villages,†said Barclay. “I’ve always been a proponent of preservation, however, taxpayers need some incentive to preserve the homes and businesses to keep that character.â€ÂÂ
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