Joe Robach and the New York State Senate passed legislation recently that would increase the maximum award available under the historic preservation tax credit from $5 million to $12 million, and encourage the revitalization of large historic properties throughout Western New York and across the State.
Joe Robach and the Senate believe this bill will enhance New York’s ability to bring back its historic properties, so we can be more competitive and make our state an even more attractive place to live, work and raise a family. The Historic Preservation Tax Credit has been used successfully by developers in New York to refurbish buildings that have fallen into neglect and are in need of repair, allowing communities to preserve their architectural heritage.
Under current law, developers can obtain a 30% tax credit up to a maximum of $5 million dollars. This legislation maintains the 30% credit, but raises the maximum threshold to $12 million, a move that will increase the number of properties that will be rehabilitated under the Historic Preservation Tax Credit.
This bill was delivered to the Assembly. For more information on this Senate bill, please contact Joe Robach office.