Assemblyman Ryan Announces Passage of Legislation To Increase Historic Preservation Tax Credit | Business
BUFFALO – Today, June 19, 2012, New York State Assemblyman Sean Ryan announced that the Assembly has passed legislation, co-sponsored by Ryan, that will increase the maximum award available under the historic preservation tax code from $5 million to $12 million. The bill is expected to be signed by the Governor.
“Increasing the tax credit for builders and developers who want to do business in Western New York will give them the added incentive they need to move forward on these important projects and create good jobs for our local economy,” said Ryan. “The legislation passed by the Assembly opens up a bigger market for developers and investors and is another sign that New York is open for business. Additionally, the enhanced tax credit will preserve our historic structures, reduce blight and get more Western New Yorkers working.”
The historic preservation tax credit is currently capped at $5 million per project and has been used successfully by developers in Western New York and throughout the state to renovate and restore buildings that have suffered from years of neglect and are in need of serious repair. Increasing the tax credit to $12 million creates a greater incentive for developers and encourages revitalization of larger more expensive structures.
“Western New York is home to many historic structures that can be transformed, renovated and brought back to life,” Ryan added. “Just take a look at what historic tax credits did for the Hotel Lafayette in downtown Buffalo. A once abandoned structure has been transformed into a hub of activity that will be a boon for the surrounding area. Expanding this tax credit will jumpstart revitalization efforts and help to turn our historic structures into new, usable and functioning buildings. Our legislation will also spur job creation and give our economy a much needed boost.”