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Tax Credits

On July 29, 2009, Governor David A. Paterson chose the Buffalo and Erie County Historical Society as the place to sign into law the newly enhanced New York State Rehabilitation Tax Credit bill. Preservation Buffalo Niagara will host a workshops on the commercial and the homeowner tax credit on June 3, 2010.  

This historic legislation will provide increased tax credits for historic commercial projects and will, for the first time, provide tax credits for the owners of historic homes who undertake qualified rehabilitation work.  Both tax credits will encourage increased preservation work on historic properties throughout our region, though the requirements and restrictions for using the credits vary depending on the program.

This New York State Commercial Tax Credit is used in conjunction with the Federal Tax Credit, a program that has produced millions of dollars of historic rehabilitation over the thirty-plus years of its existence.  The Homeowner Tax Credit is used alone for owner-occupied dwellings listed in the National Register of Historic Places.  Proposed work under both programs is reviewed by the State Historic Preservation Office (SHPO), and construction cannot be completed before January 1, 2010.

Even though the New York State tax credit is very new, significant activity is already being seen in Buffalo-Niagara, including the plan of Buffalo developer Rocco Termini to rehabilitate the Hotel Lafayette .