If you own a barn or other agricultural building built before 1946, you likely qualify for the New York Historic Barn Credit. The credit, administered by NY Parks, offers a 25% state tax credit on qualified renovation expenses. Qualified expenses include, but are not limited to, improvements made to the exterior (siding, roof, foundation) and interior (general carpentry, flooring, plumbing/electrical) of your barn.
Note: You cannot use the credit to convert a barn into a residential space, or use the credit on a barn that was used as a residence in the past year.
25% of qualified expenses.
Claimed as a credit on your New York income tax filing.
Is your barn on a working farm? Read about more ways to save here.