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NY DEMOCRATS CALL FOR END OF STATE HTC DEFERRAL

Wednesday, March 23, 2011 - 7:00AM

New York’s Independent Democratic Conference (IDC) last week called for the reinstatement of New York’s Historic Rehabilitation Tax Credit (HRTC) Program. The IDC, a group of four lawmakers that broke away from the state’s Senate Democratic Conference to caucus together as a third legislative conference, also released a report touting the benefits of the HRTC. The IDC’s “Investing in our Upstate Economy: The Historic Rehabilitation Tax Credit,” reports that that the HRTC program would create more than $460 million in private investment and more than 1,600 jobs in Upstate New York. The IDC had previously asked for a deferral until 2014 of HRTC awards of more than $2 million; that provision was included in the 2010 budget. Because the program is set to sunset in 2014, the IDC says that the credit delay effectively kills the program as an economic development tool.

Tune in to next week’s Tax Credit Tuesday podcast to hear more about the report and the communities that would benefit from the tax credit’s reinstatement.

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