New York State Senator David Valesky this month introduced legislation that would expand provisions in the state’s Historic Rehabilitation Tax Credit program. The bill would grant developers the ability to allocate the state credit within a partnership or LLC separately from the allocation of the federal tax credit, and to apply the credit against the bank and insurance tax. In addition, the bill’s passage would effectively clear the way for several developments in upstate New York. According to Valesky, the bill (S.7042) incorporates new provisions that would put New York State’s tax credit program on par with successful programs in other states. The bill has been referred to the state’s committee on Investigations and Government Operations. Read More…