Tagged: tax credits

After founding his first stores elsewhere, Jefferson County’s Frank Winfield Woolworth bought the building in Watertown where he got his start in the dry goods business, intending to raze it and build one of his own stores. Woolworth died before he could see it, but his company realized his plan and the building’s a central part of the early history of the five-and-dime chain. After years of vacancy, two developers have plans to revive the landmark.

The state budget includes a provision aimed at boosting the film industry in upstate New York. The new tax credit creates a two-tiered system that includes a 10 percent credit for productions using particular upstate locations.

Sen. Charles Schumer is bringing his influence to the latest plan to revive the Hotel Syracuse.  The Democrat senator believes a federal tax credit program would help draw investors that would be willing to spend the millions it would take to restore the Warren Street historic landmark.

New York Senate Republicans are pushing for middle class tax breaks in the new state budget, including a return to the New York State School Tax Relief Program property tax rebate checks curtailed in 2009.
 

Tuesday’s fiscal cliff package included extensions to a range of business-related tax credits, including one aimed at supporting research and development. Although Rochester, Buffalo and Syracuse have some of the most active R & D economies in the country, experts say the deal could be a double-edged sword for upstate New York.

There could be some surprises for taxpayers in 2013. Many of them may find themselves with a bigger tax bill next year.

For wind energy producers, the looming expiration date for the production tax credits, or PTCs, is getting even closer.