Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

This bill changes the definition of a "qualified historic home" to qualify for New York's historic homeownership rehabilitation tax credit. It adds three new location requirements: the home must be in a federally designated targeted area, in a census tract with income at or below the state median, or in a city under 1 million population with a poverty rate over 15%. These changes determine who can claim the credit for rehabilitating certified historic properties. The bill directly affects homeowners seeking tax benefits for restoring historic homes in specific geographic areas. The amendment takes effect immediately upon enactment.