The “fiscal cliff” deal reached Jan. 1 also will mean a two-year extension of a program that aids the restoration of historic buildings in urban areas.
The New Markets Tax Credit is an incentive for developers to renovate underused historic buildings, according to U.S. Sen. Charles E. Schumer.
The credit, which covers 39 percent of the investment costs for eligible development projects, will help spur development in downtown Rochester, said Schumer, who pitched the program during a recent visit to the Academy Building on South Fitzhugh Street last month.
Schumer also vowed to continue to push for passage of the Creating American Prosperity Through Preservation Act in the coming months, which would increase the Historic Tax Credit from 20 percent to 30 percent of investment costs for smaller projects that cost less than $7.5 million and make more buildings eligible for the tax credit.
The CAPP Act also adds additional tax credits for including energy efficiencies in redevelopment projects and allows for any state historic tax proceeds to be exempt from federal tax.