Jacobs counters Cuomo on tax credit changes
The economic comeback that has inspired so many in Buffalo of late includes significant investments by local developers. Historic buildings are being brought back to life, and new architectural symbols are rising. A great contributor to this progress has been the state's Historic Tax Credit and its Brownfield Tax Credit programs. Governor Cuomo's current executive budget proposal is suggesting changes to these programs that some believe will hurt our region's progress. Senator Chris Jacobs describes the changes.
"There would be many people out there who have done a project and are entitled to get a stream of credits as a result of completing a project that now the Governor is saying to them, 'Well, I know we said we'd giver it to you every year for five years; You're going to have to wait for eight years.' So, that is not the way you do business."
Jacobs has been joined by Senators Robert Ortt, Patrick Gallivan and Michael Ranzenhofer in urging the Senate to maintain the current status of the programs in the Senate budget.
Jacobs mentioned that Cuomo's proposed changes would have a negative ripple effect through the local economy.