In a push to revive the Historic Preservation Tax Credit issue -- an effort that passed the Legislature last year but ended with Governor Paterson's veto -- a new measure has been introduced in Albany by Assemblyman Sam Hoyt of Buffalo and Senator David Valesky of Syracuse.
According to the language of the bill, its purpose is to "create an economic stimulus program in distressed communities by leveraging the state's existing inventory of vacant, underutilized, and deteriorating historic buildings. This economic stimulus will be accomplished by improving the NYS Rehabilitation Tax Credit programs while limiting program costs and providing cost certainty to New York State."
"Historic Preservation Tax credits can be a tool to restart development in Upstate cities," according to Assemblyman Hoyt, "and we are committed to working with the governor's office and the Senate to ensure that this bill passes this year. We need this bill to close the gap in financing for historic properties." The measure is being cosponsored by legislators from Western New York to New York City to Long Island, including every major Upstate urban area, according to a report in New York Preserves, the Web site newsletter of the Preservation League of New York State.
Additional information on the proposal can be found at: http://www.buffalorising.com/2009/03/sam-hoyt-introduces-bigger-better-preservation-tax-credits.html#SlideFrame_0
