Celebrating the Recent Passage of the Historic Barn Rehabilitation Tax Credit Bill
The League was thrilled to help celebrate the recent passage of the Historic Barn Rehabilitation Tax Credit bill alongside Senator Michelle Hinchey and Assemblymember Didi Barrett at a press conference on July 15. This tax credit provides a much-needed resource for owners of historic barns to preserve these important buildings that provide a physical link to our state’s agricultural past. The League was proud to submit a memorandum of support for this measure back in April.
The press conference on Thursday, July 15 took place outside a historic barn in Livingston, NY. Senator Michelle Hinchey and Assemblymember Didi Barrett were joined by League President Jay DiLorenzo and Dr. Michael Tomlin, President of the New York State Barn Coalition.
“The Preservation League of NYS applauds the NYS Senate and Assembly for the passage of the Historic Barn Rehabilitation Tax Credit bill this session,” said Preservation League President Jay DiLorenzo. “Our Technical Services team fields questions about barn rehabilitation more often than for any other building type. This tax credit provides much-needed resource for owners of historic barns to preserve these important buildings that provide a physical link to our state’s agricultural past. The League thanks Senator Hinchey and Assemblymember Barrett for their leadership on this issue.”
You can watch the full press conference below!
Thanks to Hudson Valley 360 for their coverage of this exciting news.
From the press release: State Senator Michelle Hinchey (SD-46) and Assemblymember Didi Barrett (AD-106) announced the passage of their bill, S6042/A06947, to resurrect the Historic Barn Rehabilitation Credit, a tax program designed to help communities across New York State maintain their character through the preservation of historic barns. The bill, which received unanimous support from both houses of the State Legislature, establishes a 25% tax credit as well as a tax exemption for the rehabilitation of barns constructed before 1945. Hinchey and Barrett joined forces today, alongside representatives from the New York State Barn Coalition and the Preservation League of New York State, to call on the Governor to sign the bill into law.
First created in 1996, the Historic Barn Rehabilitation Credit has had a long history of contributing to the successful rehabilitation of historic barns and is responsible for helping restore close to 50 barns in New York State alone. Returning these buildings to productive use will allow New York to pay homage to its agricultural heritage while creating new spaces for community enjoyment and lending to the economic vitality of New York’s rural areas.
In 2018, the Historic Barn Rehabilitation Credit was eliminated as a result of changes in the federal tax code under the Federal Tax Cuts and Job Act of 2017. The Hinchey/Barrett bill revives this tax incentive (shifting it to the New York State tax code) and expands eligibility requirements so that more historic barns throughout the state may qualify.
Under the bill, barns that were at least partially constructed before 1945 and used for housing livestock, storing farm equipment, and other agricultural purposes, may be eligible to receive the tax credit. Barns constructed after 1945 may qualify if they are listed on the State or National Register of Historic Places. The bill also charges the Office of Parks, Recreation, and Historic Preservation with establishing further guidelines for certifying historic barns as eligible for the Historic Barn Rehabilitation Credit.