Tax credit helps offset barn restoration
Revitalized program gives owners of historic structures a break on repairs
Do you own a barn built before 1946 that needs work? If it has historic importance, it could qualify for a tax credit of 25 percent of the rehabilitation costs.
Administered by the state Office of Parks, Recreation and Historic Preservation, the credit, curtailed with 2018 changes to the federal tax code, has been brought back to New York.
The newly revitalized Historic Barn Rehabilitation Tax Credit 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, the agency’s commissioner. “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 percent of the cost to rehabilitate a historic barn. To qualify, a barn must have been built prior to 1946, and the work needs approval by the agency’s historic preservation unit. Taxpayers can begin to claim the credit on their 2022 state taxes.
The legislation was sponsored by state Sen. Michelle Hinchey and Assembly member Didi Barrett.
“This credit is a muchneeded 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,” said Jay Dilorenzo, the president of The Preservation League.
For more information, go to the Division for Historic Preservation’s website www.parks.ny.gov/shpo/taxcredit-programs/.
Applications can be mailed to 1 Delaware Ave. North, Cohoes, NY 12047, or to P.O. Box 189, Waterford, NY 12188.