NYS Budget Proposals

The New York State Assembly and Senate released their budget proposals on March 14, following the release of the Executive budget proposal in January.

  • The Preservation League is pleased that the Senate and Assembly budget proposals both include a five-year extension of the NYS Historic Tax Credit programs, as does the Executive budget proposal released in January. Securing an extension is our top priority for the current legislative session, as these programs are due to expire at the end of 2024. We thank the Governor, Senate, and Assembly for recognizing the importance of the Historic Tax Credits in supporting the reuse of existing buildings as a sustainable form of economic development. 

  • We are also pleased that the Assembly budget proposal includes most of the provisions of the proposed “White Elephant” tax-credit program introduced by Assemblymember Carrie Woerner and Senator Tim Kennedy. This program is designed to facilitate the rehabilitation of large, vacant buildings, such as the Central Warehouse in Albany and Central Terminal in Buffalo, by introducing a higher credit cap and other enhancements for challenging projects meeting specific size and vacancy criteria. We are working with the legislative sponsors and allies, including the New York State Alliance for Affordable Housing (NYSAFAH), to support this program and to encourage the adoption of additional provisions to strengthen the HTC’s effectiveness as a tool for the creation of affordable housing. 

  • Arts organizations are essential to the economic health of communities throughout New York; the League is among the many arts and cultural organizations statewide that benefit from partnership with the New York State Council on the Arts. We are pleased that both the Senate and Assembly proposals reverse drastic cuts to NYSCA outlined in the Governor’s budget, and hope the three parties will adopt the Assembly’s proposal of $129 million in total funding to NYSCA.

  • We were disappointed to learn that the Governor’s budget proposal includes a $1 million reduction in funding for parks, historic sites, and the Historic Preservation Grant Program in the Environmental Protection Fund (EPF). We are cautiously optimistic that this funding will be restored, and are awaiting news on how these programs fared in the Senate and Assembly budget proposals. 

With all three budget proposals complete, the parties will now work toward enactment of a final budget. We thank Governor Hochul, Senate Leader Stewart-Cousins, and Assembly Speaker Heastie for leading this process and hope for continued good news for historic preservation in the final budget.

NYSPLNYS Staff