Statement from the Preservation League on the Governor's Budget

Extension of Rehabilitation Tax Credit Will Breathe New Life Into Historic Properties Around NYS

ALBANY, NY (01/22/2013)(readMedia)-- "In a historic first, New York State Governor Andrew Cuomo has included enhancements to the New York State Rehabilitation Tax Credit program in his Executive Budget Proposal to the New York State Legislature.

"Proposed changes include a 5-year extension to the program (currently set to expire in December 2014) and statutory language that provides the option to take the state rehabilitation credit as a refund, a change intended to increase the number of investors who are able to fund projects.

"We believe early results from the first three years of program activity demonstrate this program's economic and community development impacts in New York State, and we are pleased to see the Governor recognize this program so prominently."

Jay DiLorenzo, President, Preservation League of New York State