NY S06872

Amends the existing historic barn rehabilitation tax credit to allow refundability for taxpayers with New York adjusted gross income of $60,000 or less, treating excess credits as an overpayment to be refunded without interest

Taxpayers with adjusted gross income exceeding $60,000 may carry over excess credits to the following year or years to offset future tax liability

The underlying credit remains at 25% of qualified rehabilitation expenditures paid within five years preceding the tax year for barns qualifying as historic under real property tax law

Credits cannot be claimed for barns used for residential purposes before rehabilitation or conversions to residential use, nor for work that materially alters the barn's historic appearance