“The Federal Historic Tax Credit, which local economic development and preservation leaders say has made dozens of local projects possible, may be eliminated under the tax reform proposal put forth by the Trump Administration,” reports Michael Mroziak for WBFO News. “Supporters of the tax credit, including one local congressman, say it’s important to keep it alive.” “Through the Federal Historic Tax Credit, building projects on sites deemed historic by the Interior Department are eligible for a 20 percent credit. In the Buffalo-Niagara region, nearly 70 projects over the past five years have utilized this credit, as well as New York State’s version.” “Concerns are being raised that upcoming projects, including the Central Terminal and Hotel Niagara, may be in jeopardy. The federal tax credit stands to be eliminated under the tax reform proposal now under consideration in Washington.” “‘They could help with the redevelopment of the Terminal A and B buildings on the Outer Harbor,’ said Congressman Brian Higgins, who united with local economic development, architecture and preservation representatives Monday to call for continuation of the tax credit.” “Another key project that could be jeopardized, according to Preservation Buffalo Niagara executive director Jessie Fisher, is the Northland Corridor project in Buffalo.”Rehabilitating the former Hotel Niagara in Niagara Falls, as well as other buildings including Buffalo's Central Terminal and the Northland Corridor project, could be in jeopardy without the Federal Historic Tax Credit, say Congressman Brian Higgins and others who fear the credit will be eliminated under tax reform under consideration in Washington. (Image credit: WBFO)
Rehabilitating the former Hotel Niagara in Niagara Falls, as well as other buildings including Buffalo's Central Terminal and the Northland Corridor project, could be in jeopardy without the Federal Historic Tax Credit, say Congressman Brian Higgins and others who fear the credit will be eliminated under tax reform under consideration in Washington. (Image credit: WBFO)
