New York’s Independent Democratic Conference (IDC) last week called for the reinstatement of New York’s Historic Rehabilitation Tax Credit (HRTC) program and released a report promoting the benefits of the HRTC entitled “Investing in our Upstate Economy: The Historic Rehabilitation Tax Credit.” The report finds that the HRTC program would create more than $460 million in private investment and more than 1,600 jobs in upstate New York. The IDC had previously asked for a deferral until 2014 of HRTC awards of more than $2 million; that provision was included in the 2010 budget. Because the program is set to sunset in 2014, the IDC says that the credit delay effectively kills the program as an economic development tool. Read More…
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