A bill to increase the tax credits for reovating historic buildings in NY State just passed the assembly. Gowanus could have been a recipient of this benefit, but they protested and will not get it. This is from the State: JUSTIFICATION: The Historic Preservation Tax Credit is a great tool to be used to revitalize historic properties throughout New York. This tax credit has been used successfully by developers throughout New York to redo buildings that have long fallen into neglect and in dire need of repair. However, there is a current cap of $5 million per project. This $5 million cap, acts as a disincentive for developers to tackle larger, more blighted, and more expensive projects. Current law allows for a 20% tax credit up to a maximum of $5 million dollars, this legislation continues the 20% credit, but raises the maximum threshold over a period of years from $5 million, $7 million, %9 million, $12 million therefore increasing the number of properties that developers will likely rehabilitate under this program.
Posted on: Tue, 10 Jun 2014 18:39:44 +0000
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