STATE OF NEW YORK
________________________________________________________________________
7526
2025-2026 Regular Sessions
IN ASSEMBLY
April 1, 2025
___________
Introduced by M. of A. FITZPATRICK, BLANKENBUSH, GIGLIO, MIKULIN, MORI-
NELLO, TAGUE -- Multi-Sponsored by -- M. of A. BARCLAY, DeSTEFANO,
HAWLEY, MANKTELOW, McDONOUGH -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to the definition of qualified
historic home for the purposes of the historic homeownership rehabili-
tation credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (A) of paragraph 5 of subsection (pp) of
2 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
3 clause (iv) as amended by section 3-a of part U of 59 of the laws of
4 2019, is amended to read as follows:
5 (A) The term "qualified historic home" means, for purposes of this
6 subsection, a certified historic structure located within New York
7 state:
8 (i) which has been substantially rehabilitated,
9 (ii) which, or any portion of which, is owned, in whole or part, by
10 the taxpayer, and
11 (iii) in which the taxpayer resides during the taxable year in which
12 the taxpayer is allowed a credit under this subsection[, and
13 (iv) (1) which is in whole or in part a targeted area residence within
14 the meaning of section 143(j) of the internal revenue code; or (2) is
15 located within a census tract which is identified as being at or below
16 one hundred percent of the state median family income in the most recent
17 federal census; or (3) which is located in a city with a population of
18 less than one million with a poverty rate greater than fifteen percent,
19 rounded to the nearest whole number, in the most recent five year esti-
20 mate from the American community survey published by the United States
21 census bureau].
22 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04292-01-5
