Are you eligible for NYS Historic Tax Credits??
Many people ask us, are there any financial benefits of being located within a National Register Historic District? Did you know that the Village of Lancaster has 2 National Register Historic Districts – the Central Avenue and the Broadway National Register Historic Districts? All the properties that are listed on these two National Register Historic Districts are eligible for New York State Historic Rehabilitation Tax Credits. If you look at the HPC Map – the properties eligible are highlighted in yellow.
For Owner-Occupied Historic Residences, the Historic Homeownership Rehabilitation Tax Credit Program offers a state income tax credit equal to 20% of Qualified Rehabilitation Expenses (QREs) associated with repair, maintenance and upgrades to historic homes. The Historic Homeownership Rehabilitation Tax Credit is straight forward and for an introduction, visit Preservation Buffalo Niagara’s YouTube Channel for Historic Homeownership Rehabilitation Tax Credit Workshops - https://www.youtube.com/@PreservationBuffaloNiagara
The Federal Historic Preservation Tax Credit Incentives program provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic income-producing property. For projects approved for the federal credit, the property owner may be eligible for an additional 20-30% New York State credit. There is one application for both programs.
All exterior work that would qualify for Historic Tax Credits will require review by the HPC. The NY SHPO (State Historic Preservation Office) is the first point of contact and primary coordinator to gain approvals for both programs. Please visit the HPC site for links and additional information about both programs.
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