Thursday, December 13, 2012

New York Dodges Silver Bullet with Governor's Veto of Historic Tax Credit Legislation

This week, Governor Cuomo vetoed legislation that would have increased the cap under New York’s historic tax credit program from $5 million to $12 million.  Widely reported as a setback for the program, it seems to us that New Yorkers may have instead dodged a silver bullet.

Niagara Hotel, Niagara Falls
Photo: Mike Puma
As we discussed in a Buffalo Rising post not long ago, the primary drag on New York’s program (particularly Upstate) is the inability to “bifurcate” the New York historic tax credit, not the restraint of the $5 million cap.

Governor Cuomo has done the New York preservation community a favor with his veto.  We must now respond with a compromise that makes sense for everyone: bifurcation.

Written by Jason Yots, President of Preservation Studios

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