© 2024
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Ending Historic Tax Credits Would Harm Cities, Says NY Official

Howard Zemsky
Dave Lucas
Howard Zemsky

New York state’s top economic development official says a plan in Congress to eliminate the historic tax credit program would harm efforts to revitalize cities in New York.

Empire State Development Chair Howard Zemsky says the tax incentives have been used to rehab crumbling historic buildings into shops and living spaces, and “have had a huge impact on driving economic development”. The program gives developers a tax rebate of 20 percent for five years after the projects are completed. Zemsky says it’s misguided to end the subsidies.  

“It has a disproportionately negative impact on older cities and upstate cities,” Zemsky said. “I’m hopeful that we can save that.”  

The House version of the tax overhaul would eliminate the program altogether, the Senate plan would keep the historic tax credit, but at a reduced rate. 

Karen DeWitt is Capitol Bureau chief for New York State Public Radio, a network of public radio stations in New York state. She has covered state government and politics for the network since 1990.
Related Content