In a move New York State Assemblyman and Sag Harbor resident Fred W. Thiele, Jr. said was aimed at promoting preservation on the East End while also encouraging job growth, last week the Assembly passed legislation that will increase the maximum award available under the historic preservation tax code from $5 million to $12 million.
According to Thiele, the bill, which he sponsored, is expected to become law.
“Increasing the tax credit for builders and developers who want to do business on the East End may give them the added incentive they need to move forward on these projects and create jobs,” said Thiele in a press release issued last week. “The Assembly’s legislation opens up a bigger market for developers and investors and is another sign that New York is open for business. Additionally, the enhanced tax credit will preserve historic buildings, reduce blight and get more East End residents working.”
According to Thiele, prior to this legislation, the historic preservation tax credit was capped at $5 million per project and has been used by developers across the state to renovate and restore buildings that suffer from long-time neglect. Increasing the tax credit to $12 million creates a greater incentive for developers, said Thiele, and will make it more desirable to restore large, historic projects that may be financially cost prohibitive otherwise.