HTC Extension in Assembly Budget Bill

Over the weekend of March 12-13, the New York State Assembly and Senate released their FY 2023 budget bills. The Preservation League is pleased that the Assembly bill includes language to extend the NYS Historic Tax Credit programs for seven years beyond their current expiration date in 2024, and add reporting language that will help clarify the impacts and effectiveness of the credits.

Extending the Historic Tax Credit programs now, rather than waiting another year, will provide assurances to those wishing to rehabilitate commercial and owner-occupied residential properties that the credits will still exist when they are ready to proceed with their rehabilitation projects. This is particularly important given current supply-chain issues and construction delays.

Thank you to our lead sponsor, Assemblymember Carrie Woerner, as well as Assemblymembers Sillitti, McDonald, Thiele, and Griffin, who co-sponsored the bill introducing the extension of the Historic Tax Credits. We look forward to working with our friends in the NYS Senate, including Senator Timothy Kennedy, who introduced the bill in the Senate, and co-sponsor Senator José M. Serrano, to support the extension of the tax credits in the final negotiated NYS Budget.

We are also pleased that both the Senate and Assembly budget bills, like the Executive budget proposal, include an increase in the Environmental Protection Fund from $300 million to $400 million.

What can you do to ensure the Historic Tax Credit extension is included in the final budget?

If your legislator sponsored or co-sponsored the HTC extension bill (A.9043 / S.8238), please call them to thank them for supporting historic preservation! If not, please call or write to them to express your support for extending the Historic Tax Credit program for seven years, and emphasize the importance of the tax credits to sustainable economic revitalization in your community.