New York State Homeowners Historic Tax Credit Assistance

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The New York State Office of Parks, Recreation and Historic Preservation offers up to 20% in refunds or tax credits for approved renovation projects, regardless of income. Eligibility is contingent on the location and age of the historic home, as well as the scope of each project to be completed by the homeowner.

Revive is a consulting and document preparation firm committed to helping homeowners process their NYS historic homeownership rehabilitation credit.

Approval from New York State must be received BEFORE you start the project.

Contact us today to get your application started.



How much is the credit?
The historic homeownership rehabilitation credit is equal to 20% of the qualified rehabilitation expenditures. The credit cannot exceed $50,000 per taxpayer per year.

You’re entitled to claim this credit if you:
• Rehabilitate a qualified historic home in New York State, or
• Purchase a rehabilitated qualified historic home in New York State.

To qualify for the credit:
• You must own and reside in the historic home in New York State in the year for which you claim the credit.
• Qualifying rehabilitation costs for the project must be $5,000 or more.
• You must receive preliminary approval and a Certificate of Completion from the New York State Office of Parks, Recreation, and Historic Preservation.

Press

See our write up on the Buffalo Rising website:

https://www.buffalorising.com/2017/03/revive-historic-home-resources-revive-buffalo-ny/

Commonly Asked Questions/FAQ

What is the eligibility?
Please call us to make sure your home is within the proper historic preservation district and census tract.

Are specific materials needed?
Basic finish materials used in renovation projects need to closely match the quality, design, and style of the original home design. Mechanical updates are all covered.

Can NYS decide what color I paint my house?
Although many local neighborhood districts require specific colors or specifications, the NYS OPRHP generally does not limit color options that you may use to paint your house.

Does the project have to be completed at once?
Depending on the scope of the project, projects can be carried out over a series of phases or all at once. Revive can help the homeowner decide how to efficiently approach each project or phase of project.

When will I receive my credit?
NYS will approve Phase 2 of the application process after renovation work is completed. Phase 2 tax applications received before October 1st by NYS will generally will eligible for the tax credit for the same year’s taxes. Phase 2 tax applications received after October 1st by NYS will generally will eligible for the tax credit or refund in the following year’s taxes.

What are the income requirements?
Households earning less than $60,000 yearly will receive the tax credit in the form of a refund. Households earning more than $60,000 yearly will receive the tax credit in their NYS taxes.

How long does the process take?
The approval process can take as little as 30-45 days for approval. For projects with greater complexity this timeframe can be upwards of 60-90 days.