Federal business tax scheme renewal gets Schenectady profile lifter
December 24, 2012 by Mark
There has been a significant amount of work carried out in the downtown area of Schenectady over recent years, with a once barren urban landscape being transformed, as was pointed out during a December 10 news conference.
With restored buildings, new businesses and a renewed confidence, it is likely that poster printing services are now in high demand.
The face-lift which the area has undergone, which has attracted stores, restaurants, theaters and a host of other outlets, has largely been down to the availability of tax credits – a scheme scheduled to come to an end. Once supporter even suggested the area would still be largely desolate without them.
A local businessman said:
“You could not develop in urban areas [without the New Markets Tax Credit and the Historic Tax Credit], particularly upstate.”
Agreeing with the importance of the two federal schemes, U.S. Senator Chuck Schumer visited Schenectady, urging the schemes to be extended. He stressed:
“Schenectady is chock-full of impressive historic buildings and downtown sites prime for revitalization and new life, and I am launching a proposal to give Schenectady a thriving future based on its noteworthy past.”
For many in the area, the tax credits, which can be up to 39% for qualifying projects, have certainly helped. New developments helped have included the YMCA Center City complex and the new Golub headquarters at Nott Street.
With Schumer saying each dollar of tax credit leverages $12 in private investment, many businesspeople will be hoping the credits are extended.