Business
9:38 am
Thu January 24, 2013

Assemblyman Ryan applauds proposed historic tax credit extension

State Assemblyman Sean Ryan of Buffalo says the governor keep his word in proposing an extension of historic tax credits in his proposed budget plan.

Ryan says extending those credits for five years would allow developers to plan ahead, especially for large restoration projects. 

"We passed it last year. The governor vetoed it because it was an extra budget item, but he told us he wouldn't forget about us.  He stuck to his word," said Ryan.

Ryan says he was pleased to hear Governor Cuomo say the tax credits would help cities like Buffalo.

"The governor has had a very, very good focus on Western New York," said Ryan.

Ryan says the program would not only help with restoration of key marque projects like the Statler building -- but also in revitalizing neighborhood zones such as the Elmwood Historic District. 

"This allows the residential component of tax credits to benefit these entire communities that have residential historic structures," said Ryan.

Ryan expects the state legislature to approve the tax credit extension.  

"I don't perceive any problems with this," said Ryan.