Assemblyman Angelo Santabarbara, D-Rotterdam, announced that he is continuing his advocacy for economic growth in Upstate New York by sponsoring the Upstate Reinvestment Tax Credit that is included in this year’s Assembly budget proposal.

“Upstate New York has a rich history and a wealth of resources that we can harness for economic growth,” Assemblyman Santabarbara said. “With this program, we can help many upstate communities with an economic boost through renovation and rehabilitation projects.”

The legislation would provide investors the opportunity for a tax credit, up to $500,000, for the purchase and restoration of buildings that are in need of rehabilitation. Eligible buildings must be at least 50 percent vacant and must be within the boundaries of cities or villages that have an elevated poverty rate.

“There are many encouraging economic development projects going on right here in the Mohawk Valley and Capital Region, such as the construction of the Gateway Overlook in Amsterdam and the Rivers Casino in Schenectady,” Santabarbara added. “With this measure, we can build momentum with surrounding areas by attracting new businesses to provide local jobs for families in Upstate New York and redeveloping downtown neighborhoods to strengthen our communities.”

Schenectady Mayor Gary McCarthy said the city would benefit from the program due to its many investment opportunities and ongoing economic growth within the city’s borders.

“Despite reinvigorated efforts to redevelop upstate cities after decades of economic decline, many communities like Schenectady are still home to a large stock of vacant and neglected commercial properties. These neglected structures are often of a historical nature and boast considerable potential for their communities if they can be put to good use,” Mayor McCarthy said. “We hope to attract new private investment while also encouraging the preservation of our historic buildings. With the already successful revitalization of downtown Schenectady and construction on a world-class casino already underway, these tax credits would be a catalyst to make our city not only a destination for more people to visit, but to stay and become a permanent part of our great community.”

In addition to the Upstate Reinvestment Tax Credit, Santabarbara also supports the Assembly’s proposed $208.8 million for continued operating expenses for upstate transit systems. The Assembly plan also offers $100 million for rail projects and $55 million for airport improvement and revitalization over the next four years. The Consolidated Highway Improvement Program (CHIPS), which helps with critical road and bridge repairs, will also see an increase of $50 million over the executive’s proposal, bringing total funding to $488 million for this year.

“As a civil engineer, I know the value of investing in our infrastructure, and this plan offers real substance in terms of support for much-needed highway, train and airport transportation projects,” Santabarbara said. “A new program allowing farm vehicles toll-free access to the New York State Thruway will be a boost for our local farmers, who will have an easier time shipping goods and materials than ever before. These programs will also mean tangible benefits for residents. Not only will commuters have better roads and bridges to travel on, but we’re also helping build a more vibrant economy through new construction jobs, lower transportation costs for businesses and support for local farmers.”