The state Assembly recently passed a bill authored by Assemblyman Angelo Santabarbara (D-Rotterdam) that would foster investment in upstate communities and generate economic growth (A. 8004).

“This legislation will help upstate communities build on development efforts happening now, like we’re seeing in Schenectady and Amsterdam. Encouraging additional growth is a critical part of revitalizing our region with more local jobs, a stronger economy and new opportunities,” said Assemblyman Angelo Santabarbara. “We have a lot of momentum from ongoing projects, such as the Mohawk Valley Gateway Overlook in Amsterdam and the creation of a casino in Schenectady, which are creating regional destinations. This upstate tax credit is another tool for our communities to keep this forward progress going strong.”

“Assemblyman Angelo Santabarbara’s legislation is important for the continued revitalization of our upstate communities. Giving businesses an incentive to invest in underdeveloped areas is a critical tool in strengthening the region’s economy,” said Fulton Montgomery Regional Chamber of Commerce President Mark Kilmer.

“This legislation will add a new tool to help Schenectady continue to create more new jobs and opportunities,” said Mayor Gary McCarthy. “We thank Assemblyman Santabarbara for his continued support.”

Santabarbara’s bill would allow a tax credit of up to $500,000 for renovating buildings in downtown areas in need of restoration, as long as that property is at least 50 percent vacant. This measure also aims to encourage the preservation of historic buildings in our state’s cities and villages.