As of January 1, 2025, the New York State Historic Homeowner Rehabilitation Tax Credit was significantly reduced. The maximum credit dropped from $50,000 to $25,000 per project, and the program’s rebate option — a lifeline for homeowners without sufficient state tax liability — was allowed to expire.
To address this setback, legislation has been introduced in Albany to restore the credit to its full pre‑2025 value, but has not yet passed.
In the Senate, bill S4057A is sponsored by Senator Patricia Fahy; in the Assembly, A5453 is sponsored by Assemblymember Carrie Woerner.
Over the past five years, nearly 4,000 New York State homeowners have used, or plan to use, the Homeowner Tax Credit. Their projects reflect an investment of more than $340 million in New York’s historic neighborhoods.
Because tax credits carry a fiscal impact, any restoration of the program will likely need to be included in the FY27 State Budget, now under negotiation.
For this to happen, lawmakers must sign on as co‑sponsors and urge leadership to include the bill language in the final budget.
The Preservation League of New York State is calling on its supporters to contact their State Senator and Assemblymember and ask them to co‑sponsor S4057A/A5453 and advocate for restoring the Historic Homeowner Tax Credit in the FY27 Budget.
You can find out more information here. You can find your legislators: in the NYS Senate here and in the NYS Assembly here.
Read more about historic preservation in New York State.
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