Updates on the State Budget Bills

On Saturday, March 13, the New York State Assembly and Senate released their FY2022 budget bills.

The Preservation League was thrilled to see that the Assembly included the NYS Historic Tax Credit increase for small projects in their budget bill. This provision will improve Historic Tax Credit access for buildings on our Main Streets and the small two and three-story apartment houses in our villages and urban neighborhoods. The Historic Tax Credit is also a proven job creator, with one job for every $12,000 of revenue investment.

Thank you to our lead sponsor, Assemblywoman Carrie Woerner, as well as Assemblymembers Englebright, McDonald, Clark, Durso, and Magnarelli, who co-sponsored the bill introducing this NYS Historic Tax Credit improvement. We look forward to working with them and our friends in the NYS Senate to support this improvement in the final negotiated NYS Budget.

We were also relieved to see that both the Assembly and the Senate intentionally omitted the Governor's 30-day amendment that disbanded the Canal Recreationway Commission while creating a duplicative new public benefit corporation and increasing the NY Power Authority's bonding ability.

Thank you to the legislators on both sides of the aisle that came together to protect our National Historic Landmark NYS Canal System.

What can you do to ensure these actions are included in the final budget?

Please contact your legislators and thank them for protecting our National Historic Landmark NYS Canal System and underscore the importance of expanding access for the NYS Historic Tax Credit for small projects.