Posts in Tax Credits
League Testimony: Feb. 2022 Joint Legislative Budget Hearing of the Environmental Conservation Committees

The League’s Vice President for Policy and Preservation Katie Eggers Comeau prepared written testimony for the Joint Legislative Budget Hearing of the Environmental Conservation Committees that took place on Tuesday, February 1, 2022.

Continue reading for the full testimony, or click here for a downloadable PDF.


Chairwoman Krueger, Chairwoman Weinstein, and distinguished members of the Senate and Assembly, thank you for the opportunity to speak with you today on the topic of historic preservation and the New York State FY 2023 Budget.

As New York State’s only statewide historic preservation nonprofit organization, the Preservation League of New York State invests in people and projects that champion the essential role of preservation in community revitalization, sustainable economic growth, and the protection of our historic buildings and landscapes. We lead advocacy, economic development, and education programs across the state and partner with local preservation organizations throughout New York.

My testimony today includes comments on the importance of historic preservation in climate change mitigation efforts, support of the legislatively proposed extension of the New York State Historic Tax Credit, and support for the Governor’s proposed budgets for the New York State Council on the Arts, New York State Office of Parks, Recreation and Historic Preservation, and the Environmental Protection Fund.

Climate Change and the Green Economy

The Preservation League welcomes the Governor’s emphasis on combating climate change, and we support her prioritization of green energy, resiliency, and mitigation efforts. Historic preservation has a critical role to play in developing a greener, more resilient future for our state. The reuse of existing buildings, as an alternative to demolition and new construction, has quantifiable environmental benefits in keeping valuable building materials out of landfills, recapturing embodied energy, reducing the need for greenfield development, and reusing rather than duplicating existing infrastructure. The reuse of historic buildings, including appropriate measures to improve their energy performance, is thus a critically important, and effective, mitigation measure. After all, building reuse as an alternative to demolition is recycling at the largest possible scale. In addition, the preservation trades are 2 excellent examples of green jobs, as the tradespeople and craftspeople with the skills to appropriately repair, restore, weatherize, and improve existing buildings are helping to ensure that these assets remain in productive use rather than going to waste. The League stands ready to work with the Governor, the Legislature, and agency staff to ensure that programs aimed at combating climate change do so in a way that protects and capitalizes on our historic resources and the contributions they make to this critical effort.

Reauthorizing the NYS Historic Tax Credits

Since 2007, the New York State Historic Tax Credit has been a valuable tool for the revitalization of New York’s main streets and neighborhoods. Historic tax credits have a proven track record of revitalizing historic buildings and neighborhoods throughout New York State, particularly in upstate communities where their use leverages significant federal funding in economically challenged neighborhoods. The historic tax credits are particularly valuable in retaining and creating affordable housing options.

The New York State Rehabilitation Tax Credit Programs are currently authorized until December 31, 2024. As that date approaches, those who wish to utilize the credits may wonder if they will be available when they are ready to proceed with their projects. To provide greater certainty to those who want to utilize the credits, we ask the Legislature to support an early reauthorization of the New York State Rehabilitation Tax Credit Programs through December 31, 2031. Extending these credits will ensure that reinvestment in our urban cores, downtown, neighborhoods, and Main Streets will continue.

Preservation of Debar Pond Lodge

The Preservation League is partnering with colleagues at Adirondack Architectural Heritage and the Debar Pond Institute in support of a land exchange amendment that will safeguard the future of Debar Pond Lodge, a historic Adirondack lodge built around 1940 and set on the shore of Debar Pond in the town of Duane, Franklin County. Designed by notable Adirondack architect William Distin, Debar Pond Lodge is one of the largest log buildings in the Adirondacks, and is listed in the National Register of Historic Places in recognition of its architectural significance. The nonprofit Debar Pond Institute proposes to donate over 400 acres of wild forest land to the State, to be added to the Adirondack Forest Preserve, in exchange for the State transferring a six-acre parcel, encompassing the lodge and outbuildings, to the Institute. The Debar Pond Institute will use the property for a variety of public environmental and cultural programming. The public will retain access to the shoreline of Debar Pond, which will retain its wild character. We consider this a win-win that retains a magnificent piece of 3 Adirondack architecture, enhances the Forest Preserve, and offers new recreational and cultural opportunities.

Capital Investment at OPRHP and DEC

The Governor’s proposed investment in capital projects at both OPRHP and DEC is greatly appreciated. The importance of parks and outdoor recreational opportunities to the health and well-being of New York State residents has never been more obvious than over the last two years. We support the increased funding for infrastructure improvements and particularly look forward to seeing the results of additional investment in New York State Historic Sites, as well as historic buildings and structures located within our NYS Parks.

Environmental Protection Fund

The Preservation League strongly supports the Governor’s proposed increase in funding for the Environmental Protection Fund to a record level of $400 million. We particularly note the significance of the historic preservation grants, which in recent years have funded projects including municipal and nonprofit restoration of courthouses, town halls, libraries, historic houses of worship that frequently serve multiple functions, and nonprofit arts and cultural centers. These grants then leverage private fundraising to preserve community anchors and centers of cultural tourism, and often have a catalytic impact on their communities.

NYSCA Funding

The Preservation League enjoys a longstanding partnership with the New York State Council on the Arts, and knows the importance of their work to promote and sustain arts and cultural programming and facilities, particularly given the ongoing challenges arts institutions face due to COVID-19. We support the Governor’s proposal to continue funding NYSCA’s core grantmaking programming at existing levels and to provide additional recovery funds for arts organizations and for capital projects.

Thank you for your time and attention today and for inviting the Preservation League to testify. We are happy to provide additional information about the above testimony or any other historic preservation issue at the Committee’s request

NYS, Tax CreditsPLNYS Staff
National Park Service Releases Annual Report on the Economic Impact of the Federal Historic Tax Credits for Fiscal Year 2020

This news release is cross-posted from nps.gov.


Federal historic preservation tax incentives generated $7 billion in GDP and 122,000 jobs in 2020

Program has generated $195.2 billion in GDP since 1978

News Release Date: December 22, 2021
Contact: NewsMedia@nps.gov

WASHINGTON - According to the Rutgers University’s Center for Urban Policy Research, the Federal Historic Preservation Tax Incentives Program contributed more than $13.8 billion in output in terms of goods and services to the U.S. economy, generated approximately 122,000 jobs, and added an overall $7 billion in gross domestic product (GDP) in fiscal year 2020. The program is administered by the National Park Service (NPS) and the Internal Revenue Service (IRS), in partnership with State Historic Preservation Offices. 

“Historic preservation efforts do more than maintain and showcase our nation’s history – they also support community revitalization, job creation, affordable housing, and small businesses, particularly in historically marginalized communities whose histories are integral to America’s story,” said Secretary Deb Haaland. “I am proud of the Department’s efforts to preserve our special places and ensure that future generations can learn about the rich history of every community.”

"Investments in the Federal Historic Preservation Tax Incentives Program have extensive benefits to the national economy, generating more than $195.2 billion in GDP since 1978. This incredible federal/state partnership has enabled more than 46,000 preservation and rehabilitation projects while revitalizing communities across the country,” said NPS Director Chuck Sams.

The Federal Historic Preservation Tax Incentives Program, commonly known as the Historic Tax Credit, provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic building in a commercial or other income-producing use while maintaining its historic character.

The NPS certifies that a building is historic, and therefore eligible for the program, and that the rehabilitation preserves the building’s historic character. The IRS is responsible for administering the other aspects of the tax credit under the Internal Revenue Code. The tax incentives program has helped to revive abandoned or underutilized schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, agricultural buildings, offices, and other buildings across the country, and, in turn, has helped support the redevelopment of entire downtowns and neighborhoods. Seventeen percent of the projects certified in Fiscal Year 2020 were located in communities of less than 25,000 people.

According to this year’s report, about half of the certified rehabilitation projects were located in low- and moderate-income areas and three-quarters of all projects were in economically distressed areas. Program-related investments created approximately 122,000 jobs, including 42,000 jobs in construction and 27,000 jobs in manufacturing, and generated $2.3 billion in construction and $2.0 billion in manufacturing respectively. As a result of both direct and multiplier effects, and due to the interconnectedness of the national economy, sectors not immediately associated with historic rehabilitation, such as agriculture, mining, transportation, and public utilities, benefited as well.

State Historic Preservation Offices are the first point of contact for information and guidance for property owners interested in the program, and the NPS works closely with them in the administration of the program. A breakdown by state of the economic impacts and other program information is included in the reports.

Fiscal Year 2020 Highlights and Reports

Rehabilitation in Action

Forty-Four & Sixty-Six Service Station, Boise, Idaho | Photo credit: Dan Everhart

Forty-Four & Sixty-Six Service Station (Boise, Idaho)
Instead of demolition and sale of the land to the highest bidder, owners of the Forty-Four & Sixty-Six Service Station decided to preserve and rehabilitate the unique mid-century building for a future tenant who would appreciate the historic character of the building and sensitively adapt it to a modern use. The rehabilitation cost approximately $166,364 and received the 2020 Orchid Award for Excellence in Historic Preservation from Preservation Idaho.

Fiscal Year 2020 Highlights

Rehabilitated Housing Units

  • Rehabilitated new or existing housing units: 16,624

  • Low- and moderate-income housing units: 5,889

Economic Benefit

  • Total estimated rehabilitation investment (Qualified Rehabilitation Expenditures): $6.5 billion

  • Historic rehabilitation projects certified: 989

  • Estimated total jobs created: 122,000

  • Output (Goods and Services): $13.8 billion

  • Gross domestic product: $7 billion

  • Income created: $5.2 billion

www.nps.gov

About the National Park Service. More than 20,000 National Park Service employees care for America's 423 national parks and work with communities across the nation to help preserve local history and create close-to-home recreational opportunities. Learn more at www.nps.gov, and on FacebookInstagramTwitter, and YouTube.

Governor Hochul Signs Historic Barn Rehabilitation Tax Credit Into Law

League President Jay DiLorenzo joined Senator Hinchey and Assemblymember Barrett at a press conference in July when their bills to restore the Historic Barn Rehabilitation Tax Credit passed the NYS Senate and Assembly.

This press release is reposted from NYS Senator Michelle Hinchey.

Governor Signs Bill by Senator Hinchey and Assemblymember Barrett to Resurrect the Historic Barn Rehabilitation Tax Credit

Hinchey/Barrett Law Establishes Tax Credit to Revive New York’s Dilapidated Agricultural Architecture, Incentivizes Historic Preservation with an Eye on Rural Development

ALBANY, NY – State Senator Michelle Hinchey (SD-46) and Assemblymember Didi Barrett (AD-106) today announced that their bill (S.6042/A.6947) to create a tax program to help landowners restore historic barns across rural and upstate New York has been signed into law by Governor Hochul. Thanks to the legislation, property owners will soon be eligible to apply with the state Historic Preservation Office for a 25% tax credit to restore barns constructed before 1945 back to productive use or into small businesses such as craft breweries, event spaces, and the like, to foster economic growth. 

The Historic Barn Rehabilitation Tax Credit, once a federal program, was eliminated in 2018 as a result of changes in the federal tax code under the Federal Tax Cuts and Job Act of 2017. The Hinchey/Barrett bill revives this tax incentive by placing it in state Tax Law and expanding eligibility so that more historic barns throughout the state may qualify.

“Historic preservation is a pivotal strategy for rural revitalization and by instituting the Historic Barn Rehabilitation Tax Credit we are making it more affordable for New Yorkers to save these beloved buildings from disrepair and explore new uses in agritourism, arts and culture,” said Senator Michelle Hinchey. “This incentive will help preserve thousands of historic barns across rural and upstate communities, allowing us to trace back New York’s rich agricultural heritage, boost community pride, and capitalize on valuable opportunities to revive local economies. I thank Assemblymember Barrett for her partnership on this legislation and Governor Hochul for signing our bill into law so we can inspire a new era of investment in rural New York.”

“Our iconic historic barns embody the Hudson Valley’s rural and agricultural roots, and the preservation, restoration and repurposing of these barns is critical to maintaining the region's bucolic character, as well as the regional economy,” said Assemblymember Didi Barrett. “By resurrecting the New York State Historic Barn Rehabilitation Tax Credit, we are incentivizing a new generation of farmers, architecture enthusiasts, and business owners to reconnect with the state’s past while building for their own future. I thank Senator Hinchey for sponsoring this important legislation in the Senate, and thank Governor Hochul for signing our bill into law!”

“The Historic Barn Rehabilitation Tax Credit will be a boon to rural areas throughout New York State,” said Jay DiLorenzo, President of the Preservation League of NYS. “Our team at the Preservation League hears directly from historic barn owners more than any other type of property owner, and the renewal of the barn tax credit will provide a much-needed resource. The historic barns that dot our landscape provide a tangible link to our state’s agricultural past, but they also represent opportunities to revitalize communities — either through adaptive reuse or a reinvestment in agricultural uses. We are grateful to Senator Hinchey and Assemblymember Barrett for their leadership on this issue and thank Governor Kathy Hochul for signing the bill into law.”

Dr. Michael Tomlan, President of the New York State Barn Coalition, said, “The need to rehabilitate the barns across the Empire State has never been greater. The support of the Senate and Assembly members and the Governor is a tremendous step forward, energizing the economy and assisting property owners and thousands of rural communities.”

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Tax Credits, NYSPLNYS StaffBarns
The Federal Historic Tax Credit Needs Your Support!

We ask our New York preservation allies to continue voicing your support of the federal historic tax credit program, which supports rehabilitation of historic buildings across the state.

The recent U.S. House infrastructure legislation included provisions to improve the federal historic tax credit — which would improve its functionality here in New York! Read more.

The best way you can help right now in NYS is to call Senator's Schumer's office at 202.224.3121.

  • Introduce your self as a constituent.

  • Explain the importance of the federal historic tax credit in historic preservation and that it has not been meaningfully improved since the 1980s.

  • Ask for the Senator’s support in protecting the Historic Tax Credit provisions in the House Reconciliation Infrastructure Bill. The current draft would benefit all HTC-eligible projects from Main Street to large-scale rehabilitation efforts across the country.

Phone calls Senator's office is the most effective advocacy at this time when the Congress is in ongoing negotiations. However, please feel free to also follow-up with any personal contacts you have in his office or send an electronic message.

Federal, Tax CreditsPLNYS Staff
Urgent Advocacy Needed to Support Federal Historic Tax Credit Initiatives

As you may have heard, the recent U.S. House infrastructure legislation included provisions to improve the federal historic tax credit - improving its functionality here in New York!

Congressional leaders are currently negotiating with the Biden Administration over a $3.5 trillion package, which includes a number of community development incentives, to include historic tax credit improvements. The result of these negotiations is likely a drastic reduction in these earmarked funds - which insiders predict could be as low at $1.5 trillion.

Preservation advocates from across New York State have joined together to pen this letter of support for the federal historic tax credit provisions to Senate Majority Leader Schumer and Senator Gillibrand. However, there is still advocacy to be done.

WE NEED YOUR HELP TODAY TO STRESS THAT THESE PROVISIONS MUST REMAIN IN THE FINAL BILL

Specifically, here in New York - Senate Majority Leader Schumer and Senator Gillibrand need to hear from you on why you support these provisions.

Contact Senator Schumer's office via email or call the DC office at 202.224.6542.
Contact Senator Gillibrand's office via email or call the DC office at 202.224.4451.

What do I say to the members of their staff?

  • Introduce yourself and let them know you'd like to voice your support for historic tax credit provisions (they may direct you to a more appropriate staff member).

  • Thank the Senators for their support of the federal historic tax credit program over the years.

  • Express how the provisions in the letter benefit you/your business, your community, and the State of New York.

    • Do you have/know of a preservation project that these provisions will emphasize?

    • Are you concerned with historic sites disappearing from the New York landscape/lack of incentives to preserve them?

    • Do you live in an economically challenged and/or rural part of New York that could benefit from these provisions?

Tax Credits, FederalPLNYS Staff
New Version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO) H.R. 2294 Introduced in the House of Representatives — Advocacy Needed!

Join us in reminding our New York Congressional Representatives that historic preservation can provide opportunities to aid in nationwide economic recovery as we look towards our post-COVID-19 future.

Urge your Representative to Cosponsor HTC-GO. Thank you to NY Representative Brian Higgins for leading the way on this important legislation!

What’s in the New Version of the HTC-GO Legislation?

Temporary Provisions

The HTC-GO legislation (H.R. 2294) temporarily increases the rehabilitation credit (IRC § 47) to address projects impacted by the pandemic.

  • This provision increases the HTC percentage from 20% to 30% for 2020 through 2024.

  • The credit percentage is phased down to 26% in 2025, 23% in 2026, and returns to 20% in 2027 and thereafter.

Justification: Developers and building owners are experiencing challenges in rehabbing historic buildings. The financial markets have slowed, making it difficult for projects to access capital and stalling complex historic real estate developments. The increased volatility in the market and project risk is forcing banking institutions to decrease their loan frequency and the overall amount while tightening underwriting requirements. Increases in material and construction costs and an uncertain tenant market have further impacted potential developments. As a result, many projects have stalled or are no longer feasible.

Permanent Provisions

  • Increases the credit from 20% to 30% for projects with less than $2.5 million in qualified rehabilitation expenses, making it easier to complete small rehabilitation projects.

  • Lowers the substantial rehabilitation threshold, making more buildings eligible to use the HTC.

  • Eliminates the requirement that the value of the HTC must be deducted from a building’s basis (property’s value for tax purposes), increasing the value of the HTC and making it easier to pair with the federal Low-Income Housing Tax Credit.

  • Makes the HTC easier to use by nonprofits for community health centers, local arts centers, affordable housing, homeless services, and others by eliminating IRS restrictions that make it challenging to partner with developers.

Justification: The above provisions would make important changes to the HTC to encourage more building reuse and redevelopment nationwide and would particularly benefit small, midsize, and rural communities. These provisions would not only make the credit easier to use and more historic properties eligible, but it would also enhance the value of the HTC and make the credit easier to use to create affordable housing.

Contact your reps today to let them know these are incentives that are important to you, your organization or business, and community. The National Trust for Historic Preservation (NTHP), The National Trust Community Investment Corporation (NTCIC), and the Historic Tax Credit Coalition (HTCC) are pushing hard for these inclusions, with support from the Preservation League of NYS in New York, but your representatives need to hear from their constituents!

  • Visit the websites of your NY House Representatives and Senators

    • Send a message to your Representative through their website and select “tax” or “taxation” as the issue area.

    • Or call (during office hours) the office of your House Member. Introduce yourself as a constituent and ask for the email address of tax staff.

  • Draft your message using the following talking points:

    • Historic Tax Credit projects will help revitalize our communities and support our nation’s economic recovery. Many projects continue to experience profound challenges on-site and in the financing realm, due to the pandemic.

    • Now is the time to strengthen this proven incentive to address the slowdown in rehabilitation projects across the country, particularly smaller projects in our main street communities and downtowns.

    • Would the Representative please cosponsor the Historic Tax Credit Growth and Opportunity Act, sponsored by Rep. Blumenauer and Rep. LaHood?

    • These provisions were included and passed in the House Infrastructure bill (H.R. 2) in July 2020. Please look for opportunities to include these provisions in future infrastructure legislation.

    • Note any examples you may have that describe obstacles that local HTC projects have faced during the pandemic, such as delays, extra costs incurred onsite, and project financing difficulties and describe how projects would benefit from a temporary provision that increases the HTC from 20% to 30% (like leveraging more investor equity etc.) and explain how the permanent HTC provisions in the House-passed infrastructure bill would help projects and contribute to the economic recovery.

You may wish to share the HTC Fact Sheet and related legislation with Congressional Offices and review the project lists in your region.

For further assistance with your advocacy, contact: NTHP, NTCIC, HTCC, or PLNYS:

Looking for a recap on how we got here? Catch up with the recording of the January 26 New York federal advocacy webinar.

In case you missed it...Biden tosses former president Trump's classical architecture order. Read more.

Updates on the State Budget Bills

On Saturday, March 13, the New York State Assembly and Senate released their FY2022 budget bills.

The Preservation League was thrilled to see that the Assembly included the NYS Historic Tax Credit increase for small projects in their budget bill. This provision will improve Historic Tax Credit access for buildings on our Main Streets and the small two and three-story apartment houses in our villages and urban neighborhoods. The Historic Tax Credit is also a proven job creator, with one job for every $12,000 of revenue investment.

Thank you to our lead sponsor, Assemblywoman Carrie Woerner, as well as Assemblymembers Englebright, McDonald, Clark, Durso, and Magnarelli, who co-sponsored the bill introducing this NYS Historic Tax Credit improvement. We look forward to working with them and our friends in the NYS Senate to support this improvement in the final negotiated NYS Budget.

We were also relieved to see that both the Assembly and the Senate intentionally omitted the Governor's 30-day amendment that disbanded the Canal Recreationway Commission while creating a duplicative new public benefit corporation and increasing the NY Power Authority's bonding ability.

Thank you to the legislators on both sides of the aisle that came together to protect our National Historic Landmark NYS Canal System.

What can you do to ensure these actions are included in the final budget?

Please contact your legislators and thank them for protecting our National Historic Landmark NYS Canal System and underscore the importance of expanding access for the NYS Historic Tax Credit for small projects. 

NYS, Tax CreditsPLNYS Staff
Memorandum of Support A.3670 (Woerner) and S.4439 (Kennedy)

We write in support of Bill A.3670 (Woerner) and S.4439 (Kennedy) relating to improving access to the NYS Historic Rehabilitation Tax Credit for small projects. We urge the Assembly and Senate to include this bill in their budget bills this March. These improvements will help small business and Main Street building owners rehabilitate their historic buildings, while ensuring that the NYS Historic Tax Credit serves as an incentive throughout our upstate urban centers.

Click here to read our full letter of support.

Tax Credits, NYSPLNYS Staff
2021 Advocacy Priorities
advocacy priorities graphic with NYS Capitol building in background

The past year brought many challenges. The COVID-19 pandemic, which continues to ravage our nation resulting in significant loss of life and livelihoods, has also caused great difficulty for businesses and nonprofits across the state. We encourage the role that historic preservation can play in New York State’s economic recovery. Preservation projects create jobs, leverage private investment, and bring life to New York’s Main Streets and historic neighborhoods.

During the 2021 New York State legislative session, the Preservation League's policy team is working to advance the Preservation League's mission through the following initiatives and advocacy work:

  • Increasing the Historic Tax Credit from 20%-30% for projects under $2.5 million [Assembly: A03670, Senate: S04439]

  • Protecting the authenticity and integrity of our National Historic Landmark NYS Canal System, the oldest continuously operating canal system in our country by removing the Canal System Revitalization Act from the budget. We ask the NYS Legislature to intentionally omit it from their budget bills.

  • Rethinking the Governor's proposed Empire Station Complex to limit demolition of National Register-listed and eligible buildings surrounding Penn Station. Our specific legislative ask is for the proposed $1.3 billion Capital Projects Budget appropriation (page 854) for this urban renewal land grab to be removed from the Legislative budget bills.

  • Funding for NYS Office of Parks Recreation and Historic Preservation (NYS OPRHP) and the NYS Council on the Arts

    • Including support for capital investment at NYS OPRHP, with particular attention to the needs of NYS Historic Sites, as well as historic buildings and landscapes within NYS Parks

  • Maintaining Historic Preservation Grants under a $300 million Environmental Protection Fund

  • Support of the commemoration of the 250th anniversary of the American Revolution [Assembly: A04742, Senate: S04410]

  • Thoughtful siting consideration for the renewable energy our state needs to ensure a sustainable future

You can read more about our key issues reflected in our response to Governor Cuomo’s proposed 2022 budget.

Read our September 2020 letter to the Office of Parks, Recreation, and Historic Preservation highlighting our NYS budget priorities.

Our first-ever Virtual Preservation Advocacy Day took place on February 24, 2021.

On the federal level, we look forward to working with the new administration Congressional leadership to further emphasize historic preservation as one solution to a nationwide economic recovery. To accomplish this, we are currently focused on:

  • Supporting COVID-19 relief provisions related to historic preservation under the federal historic tax credit program. We anticipate Congress will introduce a bill this month drawing upon provisions of the 2019 HTC-GO bill and the 2020 H.R. 2 infrastructure bill (Moving Forward Act).

    • The Moving Forward Act included temporary COVID-19 relief to HTC projects distressed by the pandemic.

    • HTC-GO proposed several permanent enhancements to the Fed HTC to bring more value to HTC transactions and encourages redevelopment of smaller, income-producing properties.

  • Full funding of the Historic Preservation Fund.

March 8 – 11, 2021, Advocate for the HTC Virtually at Preservation Advocacy Week 2021. Virtual conference hosted by Preservation Action & National Conference of SHPOs.

The League stands at the ready to advocate for additional needs related to historic preservation in this ever-changing environment.

Tax CreditsPLNYS Staff
Rutgers University releases FY19 Economic Impact Report Outlining Benefits of the Federal Historic Preservation Tax Incentives Program

Earlier this month, the much anticipated FY19 economic impact report of the federal historic tax credit was published. This report highlights the success of the federal historic tax credit program nationwide specifically, that it generated $6.2 Billion in GDP and created 109,000 Jobs in 2019. Meaningful impacts of the program can also be seen here in New York, with $550 million in GDP, and 9,561 jobs created. Further evidence that the historic tax credit program has an incredibly important role as the nation looks toward a post-pandemic economic recovery.

"For more than 42 years, the Federal Historic Preservation Tax Incentives program has enabled the preservation and rehabilitation of more than 45,000 historic properties, while generating more than $188.2 billion in GDP nationally,” said Margaret Everson, Counselor to the Secretary, exercising the delegated authority of the National Park Service Director. “This is an incredible example of a federal/state partnership that continues to drive investments in historic preservation and revitalize communities across the country."

Tax Credits, FederalPLNYS Staff