New York A 7526: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

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A07526 Summary:

BILL NOA07526 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFitzpatrick (MS)

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COSPNSRBlankenbush, Giglio, Mikulin, Morinello, Tague

&nbsp

MLTSPNSRBarclay, DeStefano, Hawley, Manktelow, McDonough

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Amd §606, Tax L

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Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

Go to top A07526 Actions:

BILL NOA07526 

&nbsp

04/01/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07526 Committee&nbspVotes:

Go to topA07526 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07526 Text:

 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

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