New York S06872 amends tax law to adjust the treatment of excess credits for historic barn rehabilitation.

New York S06872 amends the tax law to modify how excess credits for the rehabilitation of historic barns are treated. If a taxpayer's New York adjusted gross income is $60,000 or less, the excess credit is treated as an overpayment of tax and credited or refunded without interest. If the income exceeds $60,000, the excess credit can be carried over to the following year or years and deducted from the taxpayer's tax. The credit is calculated as 25% of the taxpayer's qualified rehabilitation expenditures for any barn in New York that qualifies as an historic barn.

New York S06872 amends tax law to adjust the treatment of excess credits for historic barn rehabilitation.

New York S06872 amends the tax law to modify how excess credits for the rehabilitation of historic barns are treated. If a taxpayer's New York adjusted gross income is $60,000 or less, the excess credit is treated as an overpayment of tax and credited or refunded without interest. If the income exceeds $60,000, the excess credit can be carried over to the following year or years and deducted from the taxpayer's tax. The credit is calculated as 25% of the taxpayer's qualified rehabilitation expenditures for any barn in New York that qualifies as an historic barn.