Governor Paterson Signs Enhanced Historic Preservation Tax Credit Legislation

Governor David Paterson signed into law legislation to strengthen the New York State Historic Preservation Tax Credit. The program will create jobs, draw investments to main streets, and preserve historic structures.

New York's preservation tax credit was adopted in 2006, but the program failed to provide adequate incentives to attract investment to struggling municipalities, particularly those upstate. The newly enhanced program will apply to taxable years beginning January 1, 2010 and will sunset on December 31, 2014. The enhancements signed into law by Paterson will:

• Increase the tax cap credit on both commercial and residential rehabilitation.
• Target the credit to distressed areas.
• Boost the share of rehab costs that commercial property owners can claim.
• Offer the tax credit as a rebate for lower income homeowners.

According to Governor Pateron, "New York has a wealth of historic properties, particularly in our small cities, that are falling into disrepair or are underutilized. The enhanced Historic Rehabilitation Tax Credit will breathe new life into the State's historic downtown areas while creating jobs and revitalizing the economy."

Members of the senate and assembly across the state applauded Governor Paterson's decision to sign the bill, saying it will be beneficial to Upstate New York communities.

As for Rochester, our local leaders have been working for some time to bring new life to the downtown area. Let's hope this bill creates additional funding opportunities for our city!

Click here for more information on the bill.

I am proud to help buyers and sellers in the Greater Rochester, New York area find the homes of their dreams. If you are considering purchasing or selling a home in the Rochester area, don't hesitate to contact me. I pride myself in providing the best possible service for my clients!

When you work with me...

Visit my website at www.YourNYDreamHome.com to learn more about the services I offer!

• Sellers: Find out how much your home is worth by requesting a FREE Home Evaluation!
• Buyers: Become a savvy consumer by requesting FREE Home Buying Tips!

Contact:
Kristen Wahl
Realtor Associate
(585) 455-5524
KWahl@RealtyUSA.com