Tue June 19, 2012
Increased preservation tax credit closer to law
The State Assembly has passed legislation that increases the tax credit for historic preservation projects.
The bill, co-sponsored by Assemblyman Sean Ryan, raises the available credit from $5 million to $12 million.
The credit has been used successfully to restore and renovate older buildings, like the Hotel Lafayette in downtown Buffalo. Supporters say increasing it will create greater incentive for developers to bring aging structures back to life.
The bill, which passed in the Senate last week, now needs the signature of Governor Andrew Cuomo. Cuomo has indicated to supporters that he will sign the measure, although he believes it will have an negative impact on the state budget.