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NEW YORK AMENDS STATE HISTORIC PRESERVATION TAX CREDIT

Friday, June 18, 2010 - 8:00AM

The New York Legislature approved two companion bills, S. 7556 and A. 10839, that amend the state’s historic rehabilitation tax credit to allow banks and insurance companies to claim the credit, Sen. David J. Valesky announced yesterday. The legislation expands the program and strengthens the tax credit that provides tax incentives for investors of commercial and residential development of historic structures across New York State. When signed by the governor, the new law is expected to expand the investor pool for the credit and is result in increased investment in the state.
 

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