Rehab Tax Credit Use Hits Milestone
New York Governor Andrew Cuomo announced the achievement of a milestone in the use of historic rehabilitation tax credits in New York State last week.
We were honored to participate in a news conference with NYS Commissioner of Parks, Recreation, and Historic Preservation Rose Harvey during the 2017 Statewide Preservation Conference in Rochester. The conference was presented by the Landmark Society of Western New York, Preservation Buffalo Niagara, Preservation League of New York State, and NYS Office of Parks, Recreation and Historic Preservation.
Commissioner Harvey announced that since 2013, when the NYS Historic Rehabilitation Tax Credit was enhanced and extended by Governor Andrew Cuomo, the combined federal and state tax credit programs have spurred over $3 billion of investment in historic properties in New York State.
In 2016 alone, the NYS Historic Preservation Office approved nearly $750 million of investment incentivized by the tax credits. This number led the nation that year and New York State consistently outperforms other states in their use.
The announcement was held at the historic Sibley Square, a $200 million revitalization project in downtown Rochester. Sibley Square is one of 88 commercial redevelopment projects in the Finger Lakes to leverage the rehabilitation tax credit since 2013. Of special note is that since 2013, two-thirds of the investment incentivized by the tax credits has been made in Upstate commercial areas.
The NYS Historic Rehabilitation Tax Credit Program is set to sunset in December of 2019 and the Federal Historic Rehabilitation Tax Credit Program is facing the very real threat of elimination during tax reform efforts in Congress. As always, we will work to keep you informed on how you can help in protecting these important programs.