Assemblywoman Addie J. Russell (D-Theresa) announced the Assembly passed legislation she supported that will increase the maximum award available under the historic preservation tax code from $5 million to $12 million (A.9110). The bill is expected to become law.
“Increasing the tax credit for builders and developers who want to do business in the North Country may give them the added incentive they need to move forward on these projects,” Assemblywoman said. “This legislation opens up a bigger market for developers and investors and is another sign that New York is becoming open for business. Additionally, the enhanced tax credit will preserve historic buildings, reduce blight and get more North Country residents working.”
The historic preservation tax credit is currently capped at $5 million per project and has been used successfully in the past by developers throughout the state to renovate and restore buildings that suffer from long-time neglect and need serious repair. Increasing the tax credit to $12 million creates a greater incentive for developers and encourages revitalization of larger, more expensive structures, Assemblywoman Russell noted.
“Taking the initiative to fix up run down buildings sends a good message to those seeking to do business here,” Assemblywoman Russell said. “This tax credit will jumpstart revitalization efforts and help turn these structures into new, usable and functioning buildings. This legislation will spur job creation and give our economy a needed boost.”