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Developers Of Poughkeepsie Project See Added $8M Tax Break In New Budget

POUGHKEEPSIE, N.Y. -- Developers looking to turn the former Hudson River Psychiatric Center in Poughkeepsie into a 156-acre pedestrian-oriented residential and commercial development will be able to claim as much as $8 million in tax credits for demolition costs under the new state budget, according to the Poughkeepsie Journal.

The developers of a $200 million Hudson Heritage project in Poughkeepsie will benefit from language in the new state budget that allows them to claim $8 million in tax breaks from costs associated with demolition.

The developers of a $200 million Hudson Heritage project in Poughkeepsie will benefit from language in the new state budget that allows them to claim $8 million in tax breaks from costs associated with demolition.

 Photo Credit: City of Poughkeepsie
James O'Rourke
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The $200 million Hudson Heritage project, as it has come to be known, has been put together by EFG/DRA Heritage LLC, a development company that intends to bring the plan to fruition, according to the Journal.

Under the language of the budget deal, the state's economic development laws would be changed to allow for a tax break on demolition costs at former psychiatric centers in seven counties in the Hudson Valley, according to the Journal, which noted specifically that the laws had previously only applied to former prisons and youth detention facilities.

The costs eligible for the tax credits include asbestos removal, rental of demolition equipment, debris removal and other related costs, according to the Journal.

Click here to read the report from the Poughkeepsie Journal.

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