New York Bill Aims to Boost Historic Tax Credits for Buffalo's Largest Buildings

State Senator Proposes Tripling Tax Credit to $15 Million for Restoring 'White Elephant' Structures

Mar. 30, 2026 at 11:36pm

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A high-end, photorealistic studio still-life photograph featuring a collection of ornate architectural moldings, aged wooden beams, and antique hardware in shades of brown, gold, and gray, elegantly arranged on a clean, monochromatic background to represent the abstract concepts of historic preservation and urban renewal.A new state bill aims to provide more financial incentives to restore Buffalo's aging historic buildings, many of which require hundreds of millions in renovations.Buffalo Today

New York State Senator April N.M. Baskin has introduced a bill that would significantly increase the historic tax credit available for restoring some of Buffalo's largest and most dilapidated historic buildings, which are estimated to need up to $300 million in renovations.

Why it matters

Many of Buffalo's iconic historic structures, some dating back over a century, have fallen into disrepair and require major investments to preserve them. This bill aims to provide more financial incentives for developers and property owners to take on these costly 'white elephant' restoration projects, helping to revitalize the city's architectural heritage.

The details

Baskin's proposed legislation would triple New York State's historic tax credit from $5 million to $15 million for the largest and most complex historic building renovation projects in Buffalo. This enhanced credit is intended to make it more feasible for developers to take on the extensive work needed to rehabilitate the city's aging landmark structures.

  • The bill was introduced by Senator Baskin in the New York State Legislature in March 2026.

The players

April N.M. Baskin

A New York State Senator representing parts of Buffalo and the surrounding region, who has proposed the historic tax credit expansion bill.

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What they’re saying

“Buffalo has many giant historic buildings that are badly in need of as much as $300 million of rehab. So we need to do more to incentivize the restoration of these 'white elephants'.”

— April N.M. Baskin, New York State Senator

What’s next

The bill will now proceed through the New York State legislative process, where it will need to be approved by committees and both chambers before being signed into law by the governor.

The takeaway

This proposal represents a significant effort to preserve Buffalo's architectural legacy by providing greater financial support for restoring the city's most challenging historic structures. If passed, it could spur new investment and revitalization in some of Buffalo's most iconic but long-neglected landmark buildings.