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Sen. Charles Schumer wants to extend two federal tax credits that would help revitalize landmark buildings such as the Sibley Centre and Cox Building in Rochester, he said Monday.
Schumer, D-N.Y., was here Monday to lobby for the New Markets Tax Credit and the Creating American Prosperity Through Preservation Act.
“Rochester is chock-full of impressive historic buildings and downtown facilities prime for revitalization and new life, and I am launching a proposal to give Rochester a thriving future based on its noteworthy past,” Schumer said.
The New Markets credit, set to expire at the end of the year, covers 39 percent of the investment costs of eligible development projects. The tax credit is geared toward low-income communities.
The CAPP Act would increase the historic tax credit to 30 percent of investment costs for projects of $7.5 million or less, from 20 percent now.
The New Markets credit was part of Rochester projects such as the expansion of Kodak Hall at the Eastman Theater, and Brooks Landing, Schumer said in a statement.
The CAPP would help fund Rochester projects such as the renovation of the Eastman Dental Dispensary and the Academy Building, and the planned Mills III at High Falls, he said.
“When funding becomes tight, these improved historic and New Markets Tax Credit programs can mean the difference between projects going forward or projects withering on the vine,” Rochester Mayor Thomas Richards said in the statement.
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