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BILL INTRODUCED TO AMEND, EXPAND N.Y. HISTORIC TAX CREDIT

Thursday, March 18, 2010 - 8:15AM

New York State Sen. David J. Valesky, D-Oneida, introduced legislation this month that would expand provisions in the Historic Rehabilitation Tax Credit (HRTC) program and would clear the way for several major development projects to begin in Upstate New York. Sen. Valesky says that S.7042 would expand what the program can accomplish by aligning the tax credits so that they address the specific needs of larger commercial projects. The bill grants project developers the ability to allocate the state credit within a partnership or LLC separately from the allocation of the federal tax credit, and to apply the credit against the bank and insurance tax.

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