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Governor Cuomo Announces Highlights of the FY 2019 Budget

Historic Tax Cuts

The newly passed New York State budget included a reauthorization of the NYS Historic Tax Credit through 2024, protection from the changes to the Federal Historic Tax Credit, and a two year transition window for eligible census tracts.

The Governor's budget press release calls out the Historic Rehabilitation Tax Credit extension at: https://www.governor.ny.gov/governor-cuomo-announces-high

Of particular interest to Historic Tax Credit investors, the NYS budget does not include the Governor's previously proposed deferral of tax credits over $2 million. Please take a moment to thank Governor Cuomo and your NYS Assembly member and Senator.

The reauthorization of this program by Governor Cuomo and the NYS Legislature will ensure that projects currently in the pipeline for investment and rehabilitation continue to move forward. Protecting the NYS Historic Tax Credit from changes to the Federal Historic Tax Credit allow the program to maintain its vitality so that our state can continue to see a strong return on its tax credit investment.

Thank you Governor Cuomo and the NYS Legislature, because of your initiative, the NYS Historic Tax Credit will continue to catalyze reinvestment in the urban cores, downtowns and main streets of communities in every corner of New York State.

Senator David J. Valesky (D-Oneida) and Assemblywoman Carrie Woerner (D-Round Lake) led the way toward this important victory with their bills seeking the credit extension and federal decoupling. Senators Catharine Young, Timothy Kennedy, and Thomas O'Mara co-sponsored the Senate legislation, while Assemblymembers Donna Lupardo, Andrew Goodell, John McDonald, Patricia Fahy, William Magnarelli, Stephen Hawley, and Barbara Lifton co-sponsored in the Assembly.

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Historic Elmira, Inc.
PO Box 252, Elmira, NY 14902
For more information on Elmira
and historic preservation Click here