Disclaimer
This website does not provide legal, tax or accounting advice; the information provided is intended to be general in nature; and
visitors to the website are strongly encouraged to consult their own professional tax, accounting and legal advisors on individual
tax matters, or consult the NYS Department of Taxation and Finance or the Internal Revenue Service (IRS). The Office of Parks,
Recreation and Historic Preservation is not responsible for the information or advice provided here as it may affect the specific
tax consequences to any individual (including sole proprietor), corporate, partnership, estate or trust taxpayer, which will depend
on many other facts and circumstances. The information is for the general benefit of persons interested in obtaining certifications
from OPRHP that may allow them to qualify for federal or state historic properties tax credits. Given the frequency of changes in
federal and state tax laws, regulations and guidance, of necessity, the information cannot be expected to be completely current and
it represents a good faith effort to reference controlling laws and regulations as accurately as possible.
Owners of historic income-producing real property may qualify for an income tax credit for rehabilitating the property.
Federal Investment Tax Credit Program for Income Producing Properties
Owners of income producing real properties listed on the National Register of Historic Places may be eligible for a 20% federal
income tax credit for the substantial rehabilitation of historic properties. The final dollar amount is based on the cost of the
rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government. The work performed (both interior and
exterior) must meet the Secretary of the Interior's Standards for Rehabilitation and be approved by the National Park Service.
For more information, please contact our office or go to our Territorial Map
section to find information for the Technical Program Representative for your county.
Governor Paterson signs expansion of the NYS Rehabilitation Tax Credit
On July 29, 2009 Governor Paterson signed legislation that will enhance the 2007 Historic Preservation Tax Credit program.
Changes to the existing Rehabilitation Tax Credit will take affect on January 1, 2010 and will continue until December 31, 2014.
Important Changes to the NYS Rehabilitation Tax Credit for Commercial Properties
The New York State Budget included important changes for potential users of the New York State Rehabilitation Tax
Credit for commercial properties.
NYS Rehabilitation Tax Credits earned by any Taxpayer between January 1, 2010 and December 31, 2012 may be subject to
deferral. For more information, please visit the New York State Department of Taxation and Finance
.
Beginning March 23, 2011 the following fee schedule for processing applications for the New York State Rehabilitation
Tax Credit is in effect.
Homeowner Credit
For property owners who certified on their applications that their Household Adjusted Gross Income for the year in
which they will claim the tax credit will be $60,000 or less–No Fee (Notarized signature(s) required on Part II of the
application)
For applicants with Household Adjusted Gross Incomes over $60,000 in the year the credit is claimed, the following
fees apply:
An initial fee of $25 shall be included with Part 2 of application. This fee shall be subtracted from the final fee
below that shall be submitted with Part 3, the Request for Certification of Completed Work.
| Rehabilitation expenses of: | Fee |
| $5,000 - $9,999 | $50.00 |
| $10,000 - $49,999 | $100.00 |
| $50,000 - $99,999 | $200.00 |
| $100,000 - $149,999 | $300.00 |
| $150-000 - $199,999 | $400.00 |
| $200,000 - $250,000 and above | $500.00 |
Checks should be made payable to the New York State Office of Parks, Recreation, and Historic Preservation (NYSOPRHP).
Commercial Credit
Commercial projects utilizing the federal historic preservation investment tax credit and the New York State
commercial historic preservation tax credit will submit the following initial processing fee:
| Estimated Rehabilitation: | Fee |
| under $100,000 | $50.00 |
| Over $100,000 | 10% of estimated final fee |
| | (from Final Fee Schedule) |
*The initial fee will be submitted along with the Part II application.
Checks must be made out to: NYSOPRHP
Final Fee Schedule
| Rehabilitation expenses of: | Fee |
| Under $20,000 | $100.00 |
| $20,000 - $99,999 | $500.00 |
| $100,000 - $499,999 | $1,000.00 |
| $500,000 - $999,999 | $1,500.00 |
| $1,000,000 – $2,499,000 | $2,500.00 |
| $2,500,000 - $4,999,999 | $3,000.00 |
| $5,000,000 - $9,999,999 | $4,000.00 |
| $10,000,000 and over | $5,000.00 |
*Certification letters for the NYS Commercial Credit will be issued after receipt of the National Park Service Part 3
application and the applicant has submitted the balance of the NYS Processing fee.
Checks must be made out to: NYSOPRHP
New York State Tax Credit Program for Income Producing Properties
This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing
properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax
credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation
expenditures up to $5,000,000 *. In order to qualify, the placed-in-service date must be after January 1, 2010. There is no application
form. After Part 1 and Part 2 of the federal application are approved by the National Park Service, The New York State Office of Parks,
Recreation, and Historic Preservation will issue a certification form allowing owners to take the state credit.
*see Important Changes to the NYS Rehabilitation Tax Credit for Commercial Properties
New York State Historic Homeownership Rehabilitation Tax Credit
Rehabilitation work on historic residential structures may qualify for a tax incentive. The credit will cover 20% of qualified
rehabilitation costs of structures, up to a credit value of $50,000.00. Houses must be an owner-occupied residential structure and be
individually listed on the State or National Register of Historic Places, or a contributing building in a historic district that is listed
on the state or National Register of Historic Places. In addition, the house needs to be located in an eligible census tract. At least
$5,000.00 must be expended on qualifying work. At least 5% of the total project must be spent on the exterior of the building. All work
must be approved by OPRHP prior to start of construction.
For more information on the NYS Investment Tax Credit programs, including whether or not your property qualifies for either of the NYS
Historic Preservation Tax Credit programs, contact Sloane Bullough at The New York State Office of Parks, Recreation and Historic Preservation
at 518-237-8643, ext. 3252.
New York State Historic Barns Tax Credit
The Farmer's Protection and Farm Preservation Act, enacted in 1996, was designed in part to preserve the historic barns that
dot New York's landscape. In order to qualify for an income tax credit equal to 25% of the cost of rehabilitating historic barns the
following rules apply: it must be a barn; it must meet the tax definition of income-producing; it must have been built or placed in
agricultural service before 1936; the rehabilitation cannot "materially alter the historic appearance" of the barn; and
only costs incurred after January 1, 2003 are eligible.
