Lawmakers Fighting for State Historic Tax Credits

Assemblyman Sean Ryan, Senators Tim Kennedy & Chris Jacobs for credits

Mike Baggerman
February 01, 2018 - 6:32 pm

WBEN Photo/Mike Baggerman

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BUFFALO, N.Y. (WBEN) - Local lawmakers in Buffalo on Thursday advocated for New York State historic tax credits.

Assemblyman Sean Ryan, joined by State Senators Chris Jacobs and Tim Kennedy, are calling on Governor Cuomo to re-authorize the state historic tax credits because of their effect on the City of Buffalo's revitalization in recent years.

"The examples are all around us," Ryan said. "There's so many now that we sort of lose track. We all cheered for the Lafayette Hotel, a beautiful structure. Now we have the Phoenix Brewery Apartments, the Richardson Complex, the Lofts on Division Street, the former Buffalo Trunk Manufacturing Buildings. The list goes on and on. These are all success stories that are only success stories because of the historic tax credits."

Ryan said that in 2013, legislators asked Governor Cuomo to extend the program until 2019. He said the governor needs to take action again so developers are comfortable knowing the credits will be there.

"The federal tax bill made significant changes to how they treat the tax credit," Ryan said. "The changes aren't good for New York State and the City of Buffalo. The new federal law spreads the tax credit over the five year period. That means the developers will have to wait five years for a return on the funds they invested in a historic building."

Ryan is asking the state historic tax credit to be extended for another five years, until 2024. He also wants to separate the federal program from the state program. He said Cuomo needs to act quickly and enact it in this year's state budget.

Jacobs told WBEN that Cuomo intends to save $300 million by deferring all business tax credits for three years and up to five for some businesses.

"That is going to impact the historic tax credit program," Jacobs explained. "A developer like this does a project like this expects a stream of tax credit for a number of years. It's now not going to arrive for a number of years out. I think that reneges on a deal that the state has engaged in with business but I think it's also really detrimental for people doing new projects and historic projects that they can't trust a huge partner in government."

Jacobs said he conveyed the idea to the governor and hopes the governor can include it in the budget proposal.

LISTEN: Lawmakers Fighting for State Historic Tax Credits

 

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