Credit for rehabilitation expenses for historic barns
Who is eligible?
You are entitled to this credit if:
- you or your business has rehabilitation expenditures as defined in Internal Revenue Code (IRC) section 47(c)(2) paid for a barn that is a qualified rehabilitated building as defined in IRC section 47(c)(1),
- the barn was originally designed and used for storing farm equipment or agricultural products or for housing livestock, and
- the rehabilitation does not convert the barn to a residential purpose or materially alter the historic appearance of the barn.
The credit for rehabilitation expenses for historic barns is available only to taxpayers subject to tax under Article 22. The credit is not available to corporations subject to tax under Article 9-A.
How much is the credit?
- The credit is 25% of the qualified expenditures.
- The credit is refundable for new businesses.
- Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit, and its instructions.
To learn about other New York State tax credits available to businesses, see Business incentives.