Income Tax Credits

Owners of historic income-producing real property may qualify for an income tax credit for rehabilitating the property.

Federal Investment Tax Credit:
Owners of properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit for the substantial rehabilitation of historic properties. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government. The work performed (both interior and exterior) must meet the Secretary of the Interior's Standards for Rehabilitation and be approved by the National Park Service. For more information, please contact our office or go to our Territorial Map section to find information for the Technical Program Representative for your county.

Frequently Asked Questions

New York State Historic Barns Tax Credit:
The Farmer's Protection and Farm Preservation Act, enacted in 1996, was designed in part to preserve the historic barns that dot New York's landscape. In order to qualify for an income tax credit equal to 25% of the cost of rehabilitating historic barns the following rules apply: it must be a barn; it must meet the tax definition of income-producing; it must have been built or placed in agricultural service before 1936; the rehabilitation cannot "materially alter the historic appearance" of the barn; and only costs incurred after January 1, 2003 are eligible.

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