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New York State Department of Taxation and Finance IT-238 Claim for Rehabilitation of Historic Proper

New York State Department of Taxation and Finance IT-238 Claim for Rehabilitation of Historic Proper 2025

New York State Department of Taxation and Finance IT-238 Claim for Rehabilitation of Historic Proper Preview on Page 1

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The document is a tax form (IT-238) from the New York State Department of Taxation and Finance for claiming the Rehabilitation of Historic Properties Credit under Tax Law Section 606(oo). It outlines the necessary information and calculations required for individuals, partnerships, and fiduciaries to claim credits based on qualified rehabilitation expenditures for certified historic structures. The form includes sections for property details, credit computation, and instructions for filing.

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Click ‘Get Form’ to open the IT-238 in our editor.
Begin by entering your identifying number and name as shown on your tax return at the top of the form.
In Part 1, provide details about your historic property. Fill in the address, project number, and date of completion. Calculate the credit by multiplying the project number by 30% and enter the lesser amount or $100,000.
Complete Schedule B by listing qualified rehabilitation expenditures. Multiply these amounts by 20% to determine your credit.
If applicable, complete Part 2 for partnership or S corporation information, including entity name and employer identification number.
In Part 3, enter your share of credits from partnerships or S corporations as instructed.
Finally, review all sections for accuracy before submitting the completed form to ensure a smooth filing process.

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What is the New York State historic tax credit?

New York State Historic Homeownership Rehabilitation Credit The value of the credit is applied to your NYS tax liability to reduce the amount you owe. The program covers 20% of qualified rehabilitation expenses up to a credit value of $50,000 per year.

What is the compliance period for the historic tax credit?

Investors may carry Federal HTCs back one year and forward 20 years to fully utilize the credits. The Federal investor must remain as a partner in a project for a minimum of 5 years after construction, which is the compliance period for the Federal HTC program.

Who qualifies for the New York State property tax credit?

The state Legislature enacted the real property tax credit to help senior citizens and lower- income households cope with their property tax burden. If your gross income is $18,000 or less and you pay $450 or less for rent or own your home, you may qualify for a tax credit.

What qualifies for historic tax credits?

The building must be a certified historic structure, either individually listed or as a contributing building on the National Register; or be a contributing building to a state and local certified historic district.

What is the New York State historic tax credit statute?

The New York State Historic Homeowner Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000. Requirements: The building must be individually listed in the State or National Register of Historic Places, or in a listed historic district.