From Troy to Buffalo Celebrating Historic Tax Credit Improvements
Jay DiLorenzo at the podium in Troy with Assemblymembers Woerner, Fahy and McDonald, Tom Rossi, and Troy Mayor Patrick Madden.
On April 6, 2021, Governor Cuomo and the NYS Legislature reached their final budget agreements. A major win for historic preservation is the increase in the NYS Historic Tax Credit for small projects. This improvement will help small business and Main Street building owners rehabilitate their historic buildings, while ensuring that the NYS Historic Tax Credit serves as an incentive throughout our upstate urban centers, by increasing the NYS Historic Tax Credit from 20% to 30% for small projects under $2.5 million.
The League was proud to support the Assembly and Senate bills that laid the groundwork for budget passage, A.3670 (Woerner) and S.4439 (Kennedy). Last year in NYS a job was created for every $12,000 of Historic Tax Credit investment. As part of economic recovery, improving program access to small projects will create community revitalization, sustainable economic growth, and the protection of historic buildings and landscapes.
NYS Senator Tim Kennedy, League President Jay DiLorenzo, Preservation Buffalo Niagara Executive Director Jessie Fisher, and Mike Puma from Preservation Studios in front of the Monroe Building in Buffalo, a site that could benefit from the expanded HTC.
To celebrate these improvements, the League joined Assemblymembers Carrie Woerner, John McDonald, and Patricia Fahy for a press conference in Troy in May, and with Senator Timothy Kennedy for another in Buffalo in August. Redburn Development Principal Tom Rossi and Troy Mayor Patrick Madden were on hand in Troy and Preservation Buffalo Niagara Executive Director Jessie Fisher and Preservation Studios Principal Mike Puma joined in Buffalo.
“The Historic Tax Credit is one of the most powerful tools we have to incentivize the rehabilitation of historic buildings,” said Preservation League President Jay DiLorenzo. “The inclusion of the HTC increase for small projects in the fiscal year 2021-2022 budget demonstrates the important role preservation can and will play in New York’s economic recovery. We are incredibly grateful to the legislature and governor for their commitment to historic preservation.”
You can watch the full May 7 press conference below. Many thanks to the Buffalo News for their great coverage of the August 11 presser.