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New York State Offers Tax Credit for Repairs to Older Homes

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BINGHAMTON, N.Y. -

The Preservation League of New York State and the Preservation Association of the Southern Tier held a pair of workshops on Thursday afternoon to inform home and business owners that they may be eligible for Federal and state tax credits for repairs done to their older homes.

"We want people to know that there are incentives that they can use to preserve their historic property," said Frances Gubler, Technical and Grant Programs Manager at the Preservation League of NYS.

Reimbursements vary by area and building, but the Federal Historic Preservation Commercial Tax Credit and the NYS Historic Commercial Tax Credit programs can be combined to cover 40% of qualified rehabilitation programs.

"If you are a homeowner and you live in a historic district and you decide that you want to rehab your property - if you spend at least $5,000 and you do 5% of the work on the exterior of the house...you can claim up to 20% of your total expenditures," said Gubler.

Her organization explains how the process works, answer questions about how to apply for the tax credits and help connect people with the New York State Parks and Recreation Office. You can contact the Preservation League on their website and Facebook page or PAST's website for more information.