Posted: | June 6, 2023 01:34 PM |
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From: | Representative Aerion Abney |
To: | All House members |
Subject: | Expanding the Neighborhood Assistance Tax Credit Program (NAP) |
Serving as a trusted resource for nonprofits, businesses, and neighborhoods for over three decades, the Neighborhood Assistance Program (NAP) has been integral in supporting underserved communities. Since 2015, the program has provided almost $174 million in tax credits, supporting 1,128 projects across the Commonwealth. In the very near future, I will be introducing legislation that will increase the allocation for the Neighborhood Assistance Tax Credit Program (NAP) and retrofit its credit percentage rates to make the program consistent with other tax credit programs in the Commonwealth. My legislation would address this by expanding NAP to keep up with the growing needs of our state. Tax credits for the program would be increased from $36 million to $72 million, while businesses granted a tax credit for various projects would see an increase in the amount of contribution they would be able to claim depending on what project type they bring to an area. The tax credit supports jobs, bolsters state and local sales tax revenue, addresses social inequity, and raises local real estate property tax revenue in targeted communities. That success is shown by the growing number of communities seeking to make use of this innovative and effective program. As elected officials, we must identify and support important programs that could be doing more to serve our constituents. Please join me in co-sponsoring this commonsense legislation to provide Pennsylvanians with more opportunities to revitalize, energize, and create partnerships within their communities. |
Introduced as HB1429