New York A07507 creates a tax credit for homeowners rehabilitating their residences.

New York A07507 amends the tax law to create a homeownership rehabilitation credit. This credit allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed. The bill defines a qualified residence as one located in specific areas such as census tracts with low income, rural areas, reservations, or areas of chronic economic distress. Qualified rehabilitation expenses are those that exceed five thousand dollars for both interior and exterior work.

New York A07507 creates a tax credit for homeowners rehabilitating their residences.

New York A07507 amends the tax law to create a homeownership rehabilitation credit. This credit allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed. The bill defines a qualified residence as one located in specific areas such as census tracts with low income, rural areas, reservations, or areas of chronic economic distress. Qualified rehabilitation expenses are those that exceed five thousand dollars for both interior and exterior work.