Assemblyman Angelo Santabarbara (D-Rotterdam) announced that his legislation to establish a downtown revitalization zone investment tax credit passed the Assembly (A.7774-A). The tax credit would encourage businesses and private individuals to purchase and renovate buildings in downtown areas in need of restoration, like those in the cities of Schenectady and Amsterdam.

“This tax credit would reinvigorate our cities and breathe new life into our downtown areas, creating a vibrant place for our families to stay and build their lives,” said Assemblyman Santabarbara.

Assemblyman Santabarbara’s bill would allow a tax credit of up to $500,000 for individuals or businesses that purchase and refurbish buildings in downtown revitalization zones.

“Assemblyman Santabarbara’s legislation establishes an important incentive to spur further revitalization and investment in Schenectady’s downtown. This tax credit will undoubtedly go a long way in helping rejuvenate the area, bring new businesses downtown and help existing businesses grow,” said James Salengo, Executive Director of Downtown Schenectady Improvement Corp.

The downtown revitalization tax credit continues Assemblyman’s Santabarbara’s efforts to revitalize our area and improve the quality of life for residents. He fought to eliminate the income tax on manufacturers in this year’s state budget, as well as voted for a tax credit equal to 20 percent of their property tax cost, saving manufacturing businesses $100 million each year. The budget also cuts an energy tax on residents and businesses, saving $600 million over three years. Combined, these measures will incentivize more businesses and families to establish roots in our area, spurring economic growth, job creation and making this a more attractive place to live, noted Assemblyman Santabarbara.