Well, another neighboring state has ramped up its historic rehabilitation tax credit, leaving New Jersey still further in the dust! Recent changes to New York’s historic preservation tax credit program increases the availability of incentives to spur community revitalization, historic preservation and job creation.
According to the Preservation League of New York State, “An economic impact study recently conducted by HR&A Advisors of New York predicts that the enhanced rehabilitation tax credit will spur over $500 million dollars of economic activity in New York State and create some 2,000 jobs over its initial five-year lifespan.”
And Commissioner Deborah VanAmerongen of the New York Division of Housing and Community Renewal said, “The Rehabilitation Tax Credits will foster new private and federal investment where it is most needed: our economically distressed downtowns and commercial districts, main streets, and older residential neighborhoods. Further, these incentives will encourage the use or reuse of existing affordable housing resources. I’m delighted that we now have a more powerful tool for revitalizing communities across New York State.”
The act takes effect on January 1, 2010. There’s still time to keep those investment dollars in New Jersey. Attention Governor, Treasurer, NJ Economic Development Authority, et al!