Relates to the treatment of excess credits for the rehabilitation of historic barns

2025 Regular Session Introduced by Leroy Comrie and 1 co-sponsor

Bill S 6872 boosts tax credits for rehabilitating historic barns, encouraging property owners to invest, enhancing local tourism, and preserving cultural heritage.

REFERRED TO WAYS AND MEANS

Purpose and Intent

Bill S 6872 aims to enhance the treatment of excess credits related to the rehabilitation of historic barns. The legislation is designed to encourage the preservation and restoration of these structures, which are significant to the cultural heritage and agricultural history of the region. By providing more favorable treatment of excess credits, the bill seeks to incentivize property owners to invest in the rehabilitation of historic barns.

Key Provisions

Excess Credits Treatment: The bill proposes specific guidelines for how excess credits from the rehabilitation of historic barns will be treated for tax purposes. This includes provisions that may allow for the carryover or transfer of credits to subsequent tax years or to other eligible taxpayers.

Eligibility Criteria: The bill outlines the criteria that barns must meet to qualify for the rehabilitation credits, ensuring that only historically significant structures benefit from the program.

Incentives for Rehabilitation: By improving the financial incentives available for barn rehabilitation, the bill aims to stimulate investment in these properties, which can lead to increased tourism and community engagement.

Affected Parties

Property Owners: Owners of historic barns will be the primary beneficiaries of this legislation, as they will have access to enhanced tax credits that can offset the costs of rehabilitation.

Local Communities: Communities with historic barns may experience economic benefits from increased tourism and local investment in preservation efforts.

State Government: The bill may impact state revenue through the provision of tax credits, which could affect budget allocations for other programs.

Legislative Timeline

Introduced: March 25, 2025

Senate Actions:

Passed the Senate on June 10, 2025
Delivered to the Assembly on June 10, 2025
Referred to the Ways and Means Committee on June 10, 2025

Committee Actions:

Discharged and committed to Rules on June 9, 2025
Ordered to third reading on June 9, 2025
Reported and committed to Finance on May 28, 2025

Previous Related Legislation: The bill is related to prior session Bill S 3582 and has a companion bill, A 364, which may provide additional context or support for its objectives.

Conclusion

Bill S 6872 represents a significant step towards the preservation of historic barns by providing enhanced financial incentives for their rehabilitation. By clarifying the treatment of excess credits, the bill aims to foster investment in these important cultural assets, benefiting property owners and local communities alike. As the bill progresses through the legislative process, its potential impact on historic preservation and local economies will be closely monitored.

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