Help the NYS Historic Rehabilitation Tax Credit
Contact Governor Paterson!
Urge him to “Sign Senate Bill S. 7556”
In June, the New York State Senate and Assembly passed legislation designed to bolster NYS Historic Rehabilitation Tax Credit projects by bringing new private investment to these efforts.
This legislation, which would allow banks and insurance companies to apply New York State Rehabilitation Tax Credits against their New York State franchise tax liabilities was transmitted to Governor Paterson for consideration last week.
The Preservation League is asking developers, financiers, municipal officials, architects and other professionals supporting the rehabilitation of historic buildings in New York State to contact the Governor to urge him to sign this bill into law.
S.7556 / A.10839 would allow banks and insurance companies to apply the recently expanded NYS rehabilitation tax credit program for commercial projects against their state franchise tax liability. Currently, these companies can only apply the credit against their general corporate income tax liability, meaning banks and insurance companies based outside of New York State have limited incentive to invest in NYS rehabilitation projects.
Banks and insurance companies – active users of the federal rehabilitation tax credit – could more effectively use the New York State Rehabilitation Credit program, and potentially bring new investment dollars to bear on redevelopment projects in New York State if the Governor signs this legislation.
Please reach out to the Governor by Monday August 30th to make the case for signing this legislation. Letters in support should be addressed to:
Governor David A. Paterson
State Capitol
Albany, NY 12224
and emailed to the Governor via his Legislative Secretary’s address, with “Please sign S.7556” in the subject. Please bcc the League so we can supplement your advocacy efforts with our own.