New Yorkers can now get a tax credit for restoring a barn
Porcupine Soup is reporting property owners statewide will soon be able to apply to the New York State Historic Preservation Office for a 25 percent tax credit to restore barns. State Senator Michelle Hinchey and Assemblymember Didi Barrett announced on December 12, that their bill to create the new tax program had been signed into law by Governor Kathy Hochul. To qualify, the barn being restored must have been built before 1945 and be returned to productive use or into small businesses such as craft breweries or event spaces to support economic growth. The Historic Barn Rehabilitation Tax Credit, once a federal program, was eliminated in 2018 as a result of changes in the federal tax code. The state bill revives the tax incentive by codifying it into state Tax Law and expanding eligibility so that more historic barns may qualify. Jay DiLorenzo, President of the Preservation League of New York State, said the tax credit will be a boon to rural areas. Hinchey said in a press release, “Historic preservation is a pivotal strategy for rural revitalization, and by instituting the Historic Barn Rehabilitation Tax Credit we are making it more affordable for New Yorkers to save these beloved buildings from disrepair and explore new uses in agritourism, arts and culture.” Read the full story at porcupine soup [dot] com.