HR&A worked closely with the Preservation League of New York State to support passage of an expanded rehabilitation tax credit program for New York State. The program is a state tax credit that benefits developers, property owners and communities seeking to renovate properties that are National Register listed-eligible. The expanded program increases the value of tax credits available to developers and investors for residential and commercial properties, with benefits targeted to distressed areas. A study completed by HR&A for the Preservation League showed that the expansion of the rehabilitation tax credit would spur over $510 million in economic activity over a five year period and garner as much as a 13:1 return on the State's investment.
HR&A's analysis demonstrated the significant economic development and fiscal benefits of an expanded program and the economic rationale for the legislative change. The bill passed in the State Legislature and received Governor's approval during the summer of 2009. The expanded tax credit encourages adaptive re-use of National Register-listed structures and stimulates new investment in the State's historic cities and towns. Learn more...
