Learn About the new NYS rehabilitation tax credit
SENATOR BILL PERKINS’
‘HISTORIC PROPERTIES’ INVESTMENT TAX CREDIT TOWN HALL
THURSDAY OCTOBER 7, 2010 AT 6:30 PM
ADAM CLAYTON POWELL STATE OFFICE BUILDING
163 West 125th Street, 8th floor
Meet with state preservation officials and tax experts!
Info. and pre-registration: Michael Henry Adams 212-222-7315
If you own a house, apartment, or a commercial building in a City or National Register Historic District located in the New York State 30th Senatorial District, you can dramatically reduce city, state and federal taxes owed when undertaking state approved rehabilitation work.
Only introduced in 2007, the New York State Historic Residential Properties Tax Credit Program will cover 20 percent of qualified rehabilitation expenditures of owner-occupied historic houses. It provides a tax credit against liability up to value of $50,000.
The New York State Historic Commercial Properties Tax Credit will cover up to 20 percent of qualified rehabilitation expenditures up to a credit value of $5 million. The commercial credit Can be combined with a federal historic preservation tax credit that offers an additional 20 percent credit for funds spent on preservation work, offering an unlimited credit against federal taxes owed.