Assemblyman Tom O’Mara (R, I, C-Big Flats) today helped pass legislation that expands the scope of the historic preservation tax credit and raises the credit from $25,000 to $50,000 if more than one residence is rehabilitated.  

Assemblyman O’Mara noted that by making the credit available to banks and insurance companies and by increasing the size of the credit, these provisions will greatly increase the amount of private investments in our local communities; helping to preserve more of New York’s historical buildings and promote economic development throughout upstate cities like Elmira and Corning.        

“By expanding the scope of the Historic Rehabilitation Tax Credit program, the Legislature is helping to ensure the preservation of the Finger Lakes/Southern Tier region’s rich history, while making needed improvements to properties across Upstate New York,” said O’Mara.  “This bill is a great investment in the region’s economy and will increase our ability to attract businesses and, most importantly, jobs to the area.”