Tax Credits

Major’s Inn, Gilbertsville nyThere are various tax credits available to homeowners and business owners within National Register Historic Districts, or whose property is listed individually on the National Register of Historic Places and is located in a distressed Census Tract. In Otsego County, we are fortunate to have a significant number of properties that are listed as contributing structures in National Register Historic Districts, or are listed individually, and all Census Tracts except for one are classified as distressed. If you own a house or storefront that was built before 1950 and is located within one of the historic districts, you may be eligible to obtain the New York State Homeowner or Commercial Rehabilitation Tax Credits. The Homeowner Tax Credits amount to 20% of the eligible rehabilitation costs, provided you follow guidelines in rehabilitation. A minimum of $5,000 must be spent to qualify, and 5% of the total amount must be spent on the exterior. If you would like to know more, check out the links below, or call Ellen Pope at 607/547 8881.

Please note: the deadline for submitting Parts 1 and 2 of the New York State Homeownership Rehabilitation Tax Credit Application has been moved up to October 1.  Applications submitted after that date cannot be guaranteed to be approved prior to the end of the tax year.  If you have any questions regarding applications for historic Preservation tax credits, please contact us for assistance, or call Sloane Bullough, NY State Historic Preservation Office, at 518/268 2158.

Emergency Repairs: If you have emergency repairs due to storms, frozen pipes, leaking roofs, broken heating systems, fire, etc., and want to take advantage of the Historic Homeowner Tax Credit Program, it is extremely important to take photos of the damage, and then immediately contact either Laurie Klenkel (518-268-2170) or Sloane Bullough (518-268-2158) at SHPO.

New York State Historic Preservation Office Tax Credit Program
New York State Rehabilitation Tax Credit Programs (pdf)
Frequently Asked Questions for Homeowners

Qualified Expenses for Homeowner Tax Credits
Frequently Asked Questions for Commercial Properties
New York State Homeownership Rehabilitation Tax Credit Application

Historic Barns Tax Credits
Instructions for Historic Barn Rehabilitation Credit
Claim for Historic Barn Rehabilitation Credit
National Park Service
Tax Incentives for Preserving Historic Properties