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Enhancing Economic Development Tools

Historic Preservation Tax Credit

Goal: PASSAGE OF HISTORIC PRESERVATION TAX CREDIT LEGISLATION
Background For two years, the Partnership has supported proposed legislation that would provide a tax credit for historic preservation projects - to mitigate the high cost of taking on these projects over new development. Rehabilitation tax credits have been an effective economic development tool in other states – including Rhode Island, where the historic rehabilitation tax credit program is hailed as the most effective economic redevelopment program in state history, generating $795.25 million in economic activity and creating 11,000 new jobs.
Recent Action

On June 8, the Partnership sent a letter in support of the proposed New York State Rehabilitation Tax Credit Act (S.2960/A.6471). Following passage of the legislation in both the Senate and Assembly, the Partnership urged Governor Paterson to sign the bill into law.
Recent Progress

Upon returning from the stalemate, the State Senate passed a “same as” bill matching the Assembly’s related to the Historic Preservation Tax Credit. Governor Paterson signed the bill into law in Buffalo on June 30.
Next Steps

GOAL ACHIEVED