O’Mara Urges Governor to Sign Historic Tax Credit Bill into Law

Big Flats Lawmaker notes Legislation will Create Jobs and Help revitalize Historic Districts

            Assemblyman Tom O’Mara (R,I,C-Big Flats) is urging Governor Paterson to sign legislation into law that will improve the existing but underutilized New York State Tax Credit programs.  Assemblyman O’Mara remarked that the programs will help preserve New York’s historical buildings, promote economic development in upstate cities like Elmira, and create good-paying jobs.    

      Assemblyman O’Mara noted that the legislation provides more effective incentives and program features for developers and municipalities seeking to rehabilitate historic buildings.   

“By expanding the Rehabilitation Tax Credit program, the state will help to ensure the preservation of the region’s rich history, while promoting private investment in properties across the Southern Tier,” said O’Mara.  “This legislation will enhance the region’s ability to attract businesses and, more importantly, new jobs to the area.”

            According to an economic impact study conducted by HR&A Advisors of New York, the rehabilitation tax credit will lead to over $500 million in economic activity throughout the state and will help create 2,000 jobs over the program’s five-year lifespan.     

            While Governor Paterson vetoed similar legislation last year, Assemblyman O’Mara is hopeful that the governor will sign the legislation into law this year to help stimulate the upstate economy.