S 3140: Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.

  
  STATE OF NEW YORK ________________________________________________________________________ 3140 2025-2026 Regular Sessions  IN SENATE January 23, 2025 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to establishing a historic wood window rehabilitation and energy retrofit tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (qqq) to read as follows: 3 (qqq) Historic wood window rehabilitation and energy retrofit tax 4 credit. (1) A taxpayer shall be allowed a credit, to be computed as 5 hereinafter provided, against the tax imposed by this article. The 6 amount of the credit shall be twenty-five percent of the taxpayer's 7 qualified rehabilitation and energy retrofit expenditures paid or 8 incurred within the five years immediately preceding the year in which 9 such tax credit shall be applied with respect to any historic wood 10 windows located in this state. All such rehabilitation and energy retro- 11 fit shall include energy efficiency upgrades while maintaining the 12 historic integrity of all such windows. For purposes of this subsection, 13 the term "energy efficiency upgrades" shall mean repairs in kind to 14 deteriorated historic wood windows, window sash systems and operational 15 components, including but not limited to, reglazing, weatherstripping, 16 and the appropriate installation of interior or exterior storm windows 17 to protect historic sash. For the purposes of this subsection, the term 18 "historic wood windows" means a wood window that is fifty years or 19 older, as evaluated and approved by the state historic preservation 20 office. 21 (2) The total amount of tax credits allocated to the historic wood 22 window rehabilitation and energy retrofit tax credit each fiscal year 23 shall not exceed two hundred thousand dollars of qualified expenditures. 24 Rebates shall be allocated to applicants on a first-come, first-served 25 basis, determined by the date the application is received, until all EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00210-01-5 
 S. 3140 2 1 appropriated funds for the fiscal year are expended. An owner-occupied 2 residential property or owners of commercial properties shall not exceed 3 fifty thousand dollars in expenditures per fiscal year. 4 (3) If the amount of credit allowable under this subsection shall 5 exceed the taxpayer's tax for such year and the taxpayer's New York 6 adjusted gross income for such year does not exceed sixty thousand 7 dollars, the excess shall be treated as an overpayment of tax to be 8 credited or refunded in accordance with the provisions of section six 9 hundred eighty-six of this article; provided, however, that no interest 10 shall be paid thereon. If the taxpayer's New York adjusted gross income 11 for such year exceeds sixty thousand dollars, the excess credit may be 12 carried over to the following year or years and may be deducted from the 13 taxpayer's tax for such year or years. 14 § 2. This act shall take effect immediately and shall apply to taxable 15 years commencing on and after such date.