New York State Office of Parks, Recreation and Historic Preservation Announces Availability of Historic Barn Rehabilitation Tax Credit Program | Local announcements
ALBANY – The New York State Office of Parks, Recreation and Historic Preservation has announced the launch of the revitalized Historic Barn Rehabilitation Tax Credit program. The new program allows state taxpayers who rehabilitate their historic barns to get a credit on state income tax owed.
“New York’s rural landscapes are characterized by historic barns, forming the identity of many communities,” said Erik Kulleseid, Commissioner of the Office of Parks, Recreation and Historic Preservation. “Conserving these historic structures, which are among the state’s most endangered historic resources, contributes to heritage tourism and expands opportunities for the state’s agricultural economy.” State Parks is pleased to add this program to its existing historic tax credit programs.
The amount of the tax credit is equal to 25% of the expenses incurred to rehabilitate a historic barn. To qualify, a barn must have been built before 1946 and the work must be approved by the Historic Preservation Division. Taxpayers can begin claiming the credit on their 2022 New York State taxes.
Governor Kathy Hochul signed legislation restoring and improving the Barn Tax Credit program, the availability of which was limited due to changes to the federal tax code in 2018. The legislation was sponsored by State Senator Michelle Hinchey of the 46th District and Assemblyman Didi Barrett of the 106th District.
“New York’s historic barns are emblematic of our agricultural heritage and a testament to the upstate’s economic leadership as America’s original breadbasket,” said Senator Michelle Hinchey. “Through our bill to revive the Historic Barn Rehabilitation Tax Credit Program, we are making it more affordable for New Yorkers to give these beloved buildings a new chance to live. Historic preservation is an important driver of rural revitalization, and I’m so proud to have sponsored legislation that will help save thousands of historic barns from disrepair, boosting local economies and local pride in the process.
“I was proud to sponsor legislation to resurrect the New York State Historic Barn Rehabilitation Tax Credit, and I am thrilled that the statewide application process is now open,” Assembly Member Didi Barrett said. “In the Hudson Valley – once the breadbasket of our fledgling nation – historic barns are an iconic testament to our region’s deep agricultural roots. This tax credit will inspire the next generation of farmers and small business owners to grow their businesses here in New York State, while preserving some of our most scenic and historic structures! »
“The Preservation League of NYS is grateful to Governor Hochul for signing into law the Historic Barn Rehabilitation Tax Credit, and to Senator Hinchey and Assemblyman Barrett for their leadership on this important issue of preservation,” said Preservation League President Jay DiLorenzo. “This credit is a much-needed resource for barn owners across the state who, through this program, will be able to make life-saving repairs and bring countless barns back to life, either by reinvigorating their agricultural function or reusing them. adaptively for new innovative purposes. .”
Applications may be mailed to 1 Delaware Avenue North, Cohoes, 12047 (for express mail service) or PO Box 189, Waterford, NY 12188 (for USPS mail service).