New York A00364 amends tax law to adjust the treatment of excess credits for historic barn rehabilitation.

New York A00364 amends the tax law to modify how excess credits for the rehabilitation of historic barns are treated. It allows a credit of 25% of qualified rehabilitation expenditures for historic barns, provided the barns were not used for residential purposes before rehabilitation and the rehabilitation does not alter the historic appearance of the barn. If a taxpayer's New York adjusted gross income is $60,000 or less, any excess credit is treated as an overpayment and refunded without interest. For taxpayers with incomes over $60,000, excess credits can be carried over to future years.

New York A00364 amends tax law to adjust the treatment of excess credits for historic barn rehabilitation.

New York A00364 amends the tax law to modify how excess credits for the rehabilitation of historic barns are treated. It allows a credit of 25% of qualified rehabilitation expenditures for historic barns, provided the barns were not used for residential purposes before rehabilitation and the rehabilitation does not alter the historic appearance of the barn. If a taxpayer's New York adjusted gross income is $60,000 or less, any excess credit is treated as an overpayment and refunded without interest. For taxpayers with incomes over $60,000, excess credits can be carried over to future years.