In a move long supported by the Smart Growth constituency in New York, the State Senate passed new Historic Rehabilitation Tax Credit legislation this week, and similar action is expected to follow in the State Assembly. A previous attempt to enact an earlier version of the tax credit law was vetoed last year by Governor David A. Paterson.
In an article in the Syracuse Post Standard, Rob Simpson, President of the Metropolitan Development Association, is quoted as saying, "This is a game changer." The story quoted the senate sponsor of the successful legislation, Senator David Valesky, as saying "the credit will provide real incentives to stimulate Main Street and Downtown development that will create jobs, increase property values, and provide a better quality of life for all Upstate New Yorkers."
The premise of the new law is to encourage re-use of existing structures by providing support that will help bridge the gap between the cost of rehabilitating older buildings and their market value.
The full story can be viewed at:
http://www.syracuse.com/articles/state/index.ssf?/base/news-3/1243501048198750.xml&coll=1
