A bill introduced Tuesday in Congress by Rep. Brian Higgins, D-Buffalo, would temporarily boost historic tax credits that have incentivized developers to finance the rehabilitation and restoration of numerous buildings in Buffalo and Western New York.
The federal tax credit is 20%, but Higgins' legislation would increase the historic tax credit to 30% for all projects through 2024. It would then decrease to 26% in 2025, 23% in 2026 and return to 20% in 2027.
“Historic Tax Credits have been incredibly effective in Western New York at promoting economic opportunity through the rehabilitation of historic buildings and revitalization of communities," Higgins said in a statement.
The legislation also expands eligibility and permanently increases the Historic Tax Credit to 30% for eligible smaller projects.
In New York State, investments in buildings on the National and State Registers of Historic Places are also eligible for an additional 20% historic tax credit. The state recently raised its commercial tax credit from 20% to 30% for qualified projects of less than $2.5 million.
Mark Sommer covers preservation, development, the waterfront, culture and more. He's also a former arts editor at The News.