Tax credit will encourage
revitalization, boost North Country economy
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.”
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