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Bill

S 9194

Adds certain properties to the definition of a qualified historic home for the historic homeownership rehabilitation credit

2025 Regular Session Introduced by Zellnor Myrie

S 9194 widens New York's historic home tax credit eligibility to include more properties, incentivizing preservation but reducing state tax revenue with unclear fiscal impact.

REFERRED TO BUDGET AND REVENUE
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Bill Summary · S 9194

Legislative bill overview

S 9194 expands New York's historic homeownership rehabilitation credit by broadening the definition of "qualified historic home" to include additional properties. The bill essentially opens tax credit eligibility to a wider category of historic residential properties than currently permitted under state law.

Why is this important

The historic homeownership rehabilitation credit incentivizes property owners to restore and maintain historically significant homes rather than demolish or neglect them. Expanding eligibility could increase preservation efforts across more neighborhoods while potentially reducing the tax burden on homeowners undertaking expensive restoration work, though it also reduces state tax revenue.

Potential points of contention

  • Cost to state budget: Expanding tax credit eligibility increases foregone tax revenue; the bill provides no fiscal impact assessment, making the true cost unclear
  • Definition ambiguity: The bill doesn't specify which additional properties qualify, raising questions about consistency in application and potential for disputes over historic designation
  • Equity concerns: Tax credits primarily benefit property owners with sufficient income to claim them; unclear whether expanded eligibility serves lower-income homeowners or concentrates benefits among wealthier restoration investors
  • Geographic concentration: May disproportionately benefit certain neighborhoods with historic housing stock while excluding others

Compiled from official sources — confirm details with the bill’s official record.

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