Expands the definition of qualified historic homes for the tax credit to include properties in cities with populations over one million.

This bill amends the tax law to include certain properties in cities with populations over one million in the definition of qualified historic homes for the historic homeownership rehabilitation credit. This change aims to provide tax incentives for the rehabilitation of historic properties in larger urban areas. The bill specifies criteria for these properties, including their location in targeted areas, census tract income levels, and ownership history. The changes will take effect for taxable years beginning on and after January 1, 2026.

Expands the definition of qualified historic homes for the tax credit to include properties in cities with populations over one million.

This bill amends the tax law to include certain properties in cities with populations over one million in the definition of qualified historic homes for the historic homeownership rehabilitation credit. This change aims to provide tax incentives for the rehabilitation of historic properties in larger urban areas. The bill specifies criteria for these properties, including their location in targeted areas, census tract income levels, and ownership history. The changes will take effect for taxable years beginning on and after January 1, 2026.