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Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs

The Preservation League of New York State. Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs. IPED/Using Tax Credits in New York City New York, New York June 24, 2009. Expanded Rehabilitation Tax Credit: Fiscal and Economic Impact Analysis (Preliminary).

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Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs

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  1. The Preservation League of New York State Advocacy Update:Expanding the NYS Rehabilitation Tax Credit programs IPED/Using Tax Credits in New York City New York, New York June 24, 2009

  2. Expanded Rehabilitation Tax Credit:Fiscal and Economic Impact Analysis (Preliminary) • Total economic and fiscal impacts of five-year program. • Direct costs offset by sales, personal income and business income taxes. • Total benefit ratio of almost $13 – $1. • Projected 80% total increase in rehabilitation activity

  3. Expanded Rehabilitation Tax Credit:Commercial Property Program

  4. Expanded Rehabilitation Tax Credit:Residential Property Program

  5. A.9023/S.6056 90% of Upstate Census Tracts are eligible for proposed program 19% of Downstate Census Tracts

  6. City of New York Eligible census tracts, as proposed in A.9023/S.5065, vs. current program: Bronx: 140 > 270 census tracts Brooklyn: 120 > 540 census tracts New York: 59 > 137 census tracts Queens: 13 > 300 census tracts Staten Is.: 3 > 24 census tracts

  7. Rehabilitation Stimulus Program:A.9023 (Hoyt)/S.6056 (Valesky) Advocacy • Statewide, bi-partisan support at county, mayoral and legislative levels; established Re-Invest NY Partnership • Economic and fiscal impact study of legislation’s impacts near completion (HR&A). • A.9023 passed Assembly early Tuesday, June 23rd – S.6056 introduced in Senate Tuesday afternoon • Seeking Senate bill passage and signature by Governor –significant incremental improvements to program • Convene meeting with Governor’s staff and Tax & Finance with developers and syndicators to resolve transferability language.

  8. Rehabilitation Stimulus Program:A.9023 (Hoyt)/S.6056 (Valesky) Advocacy – Next Steps • Call Senate Bill Sponsor David Valesky: 518-455-2838 “We support Senate passage and signature by the Governor, and want to work with you going forward to address transferability issues” • Call Governor Paterson: 518-474-8390 “Please support Senate passage of S.6506 and sign this legislation to catalyze economic stimulus and community revitalization throughout New York State”

  9. Jay A. DiLorenzo President Preservation League of New York State jdilorenzo@preservenys.org www.preservenys.org 518-462-5658 x15

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