In recent years, Buffalo’s local media has been rich with stories about an investment vehicle known as historic tax credits (HTCs). Since New York instituted its version of the federal HTC program, everyone from developer Rocco Termini to Congressional candidate Chris Collins has used HTCs to resurrect buildings.  But this momentum is threatened by the simple rule of supply and demand: at the moment, there seem to be more New York tax credits available than the investment market can absorb, and that disparity could threaten a number of pending projects.  If this trend continues, the best chance for New York’s program to survive legislative sunset in 2015 may be a not-so-simple tax tweak called “bifurcation”.

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