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Senate approves increased historic tax credits

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New York State is getting closer to providing a higher level of tax credits for developers of historic properties as the State Senate approved a bill that would hike those credits from $five million to $12 million.

Assemblyman Sean Ryan says if the bill is approved by the Assembly next week, it would be a "win-win" for some historic Buffalo buildings.

"You have to go through the process. You have to show that you have a development plan in place, then you apply for it," said Ryan. 

"It's not a give away.  It's not based on who you known, but it is designed to perhaps do things, like the old Trico building, like the Richardson complex, the buildings that really need the extra boost or they won't get done."

The funding would only be provided to a building that is listed as "historic". 

The Governor had indicated he's concerned about how the tax credits because would impact the cash-strapped state budget.  But he is willing to sign if finalized.