Memo of Support for Senate and Assembly Bills Extending Historic Tax Credit to 2031
Memorandum of Support
A.9043 (Woerner) and S.8238 (Kennedy)
The Preservation League of New York State is New York’s statewide historic preservation nonprofit. We lead advocacy, economic development, and education programs across the state. We write in support of Bill A.9043 (Woerner) and S.8238 (Kennedy) relating to extending the NYS Historic Rehabilitation Tax Credit until the end of 2031. We urge the Assembly and Senate to include this bill in their budget bills this March. Extending the tax credits for an additional seven years will ensure that reinvestment in our urban cores, downtowns, neighborhoods, and Main Streets fueled by the rehabilitation tax credits will continue without interruption.
The New York State Rehabilitation Tax Credit Programs are authorized until December 31, 2024. As that date draws closer, those who want to utilize the credits will wonder if they will be available when they are ready to proceed with their projects. This uncertainty will slow reinvestment in our communities until the credit programs have been reauthorized. Current supply-chain issues, which significantly affect construction costs and timeframes, reinforce the need to confirm the extension of the credits well in advance of their current expiration date at the end of 2024.
In addition to extending the tax credits for both commercial and owner-occupied residential rehabilitation projects for seven years, the bills add reporting requirements that will make it easier to understand and evaluate the impact of the credits as an economic development tool that sustains vibrant communities.
Historic tax credits have a proven record of revitalizing historic buildings and neighborhoods throughout New York State, ensuring that historic buildings and infrastructure remain in use, rather than being wastefully discarded. Their use has leveraged significant federal dollars in economically challenged neighborhoods suffering from disinvestment. The great majority of tax-credit projects occur in Upstate communities, including large and small cities.
The Preservation League strongly supports the two bills and urges the NYS Legislature to include them in the FY 2023 NYS budget so that our state can continue to expand its economic development in our historic cities, villages, and rural communities.
Click here for a downloadable PDF of this memorandum of support.