New York State Office of Parks, Recreation, and Historic Preservation Announces Availability of Historic Barn Rehabilitation Tax Credit Program
Repair of Historic Barns Can Qualify for 25% New York State Tax Credit
New York State Office of Parks, Recreation, and Historic Preservation announced the launch of the revitalized Historic Barn Rehabilitation Tax Credit program. The new program allows state taxpayers who rehabilitate their historic barns to earn a credit against state income tax owed.
"New York's rural landscapes are characterized by historic barns, forming the identities of many communities," said Erik Kulleseid, Commissioner of the Office of Parks, Recreation and Historic Preservation. "Retaining these historic structures, are among the state's most threatened historic resources, contributes to heritage tourism and expands opportunities for the state's agricultural economy. State Parks is pleased to add this program to its existing historic tax credit programs."
The amount of the tax credit is equal to 25% of the expenditures incurred to rehabilitate a historic barn. To qualify, a barn must have been built prior to 1946, and the work must be approved by the Division for Historic Preservation. Taxpayers can begin to claim the credit on their 2022 New York State taxes.
Governor Kathy Hochul signed legislation reinstating and improving the barn tax credit program, which had been limited in availability due to 2018 federal tax code changes. The legislation was sponsored by State Senator Michelle Hinchey of the 46th District, and Assemblymember Didi Barrett of the 106th District.
"New York's historic barns are emblematic of our agricultural heritage and a testament to upstate's economic leadership as the original breadbasket of America," said Senator Michelle Hinchey. "Thanks to our bill to revive the Historic Barn Rehabilitation Tax Credit program, we are making it more affordable for New Yorkers to give these beloved buildings a new shot at life. Historic preservation is an important driver of rural revitalization, and I am so proud to have sponsored the legislation that will help save thousands of historic barns from disrepair, boosting local economies and local pride in the process."
"I was proud to sponsor legislation to resurrect the New York State Historic Barn Rehabilitation Tax Credit, and I am delighted that the statewide application process is now open," said Assemblymember Didi Barrett. "In the Hudson Valley – once the breadbasket of our young nation – historic barns are an iconic testament to our region's deep agricultural roots. This tax credit will incentivize the next generation of farmers and small business owners to grow their businesses here in New York State, while preserving some of our most picturesque and historic structures!"
"The Preservation League of NYS is grateful to Governor Hochul for signing the Historic Barn Rehabilitation Tax Credit into law, and to Senator Hinchey and Assemblymember Barrett for their leadership on this important preservation issue," said Preservation League President Jay DiLorenzo. "This credit is a much-needed resource for barn owners across the state, who thanks to this program, will be able to make vital repairs and bring countless barns back to life – either reinvigorating their agricultural function or adaptively reusing them for innovative new purposes."
Program information and staff contact information can be found on the Division for Historic Preservation's website www.parks.ny.gov/shpo/tax-credit-programs/. Applications can be mailed to 1 Delaware Avenue North, Cohoes, 12047 (for express mail services) or to P.O. Box 189, Waterford, NY 12188 (for USPS mail service).
On Wednesday May 18, 2022 at 6:00 PM, a Historic Barn Tax Credit Information Session will be held at Glimmerglass State Park, Lakeview Pavilion, 1527 County Road 31, Cooperstown, NY 13326. Olivia Brazee from the State Historic Preservation Office and Ellen Pope, executive director of Otsego 2000, will walk participants through the requirements for receiving the credit. The event is free but registration is recommended at: https://forms.donorsnap.com/form?id=315d40c2-8bcc-4086-87c6-df061aeed264