Preservation Issues

Albany Victory on Tax Credits

March 29, 2018

Thanks to help from all our members, it looks like the State Legislature will extend the State Historic Tax Credits. This is a major win!

While nothing is final until the State Budget is passed, we have learned from Albany contacts that our City Senators and Assemblypersons stood with us. Please thank your Senator and Assemblyperson.

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The State Preservation Tax Credits were set to expire at the end of 2019. Without extending them now through 2024, developers and home owners might have delayed or stopped restoration projects. The Credits have been a boost to homeowners in certain lower income areas and to the state’s economy, sparking numerous economic development projects in older commercial buildings. Our thanks to the Preservation League of New York State for coordinating lobbying efforts with numerous preservation colleagues and monitoring activities at the Legislature.

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We Need Your Help to Continue State Historic Tax Credits

Your support helped convince Congress to continue the Federal Historic Tax Credits, now we need your help to convince Albany to do two things: extend the popular State Historic Tax Credits through 2024 and separate the State’s commercial tax credit from the Federal tax credit.

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Here’s why we need your help…
In prior years, the Governor has renewed the credits two years ahead of their expiration date. But he did not do so this year. We are asking State Legislators to include a renewal through 2024 in both the Senate and Assembly budget bills. That will give property owners and developers confidence that this valuable program will continue. It often can take years to put a project together.

New York instituted commercial and homeowner tax credits in 2007. Since then, homeowners have invested more than $75 million in historic residential properties, receiving $15 million in credits. In New York City, Crown Heights, Clinton Hill, Stuyvesant Heights, Ditmas Park, Sugar Hill, Greenwich Village and Jackson Heights property owners have benefitted.

New York is the biggest user, and beneficiary, of the Federal Tax Credits, which only apply to commercial properties. State developers received more than $831 million in 2016 alone. Developers have often paired New York’s commercial credits with the Federal credits on major projects like the Apollo Theater and Randolph Houses in Harlem, and the Kings Theater in Brooklyn (pictured).

While Federal credits are renewed, Congress required that the credits must now be taken over a 5-year period instead of all at once. We believe that lowers the value of the credits and we don’t want that to happen to New York’s credits.

The Conservancy is working with the Preservation League of New York State and other colleagues to urge this Legislative action.

Please help. Here’s how.
Contact your State Senator and State Assembly Member and say: Please renew the State historic tax credits through 2024 and please separate New York’s commercial credit from the Federal credit. We need to continue to benefit from the projects the credits make possible.

Contact Your State Senator
Contact Your Sate Assembly Member