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.
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| 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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