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Pennsylvania State Senate
04/19/2024 07:01 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=14074
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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: February 11, 2014 11:52 AM
From: Senator Matt Smith
To: All Senate members
Subject: Expansion of the Neighborhood Assistance Tax Credit Program for Veterans Housing
 
In the near future I plan to introduce legislation that will expand the Neighborhood Assistance Tax Credit Program to benefit veterans’ housing assistance. This is companion legislation to Rep. Madeleine Dean’s proposal in the House of Representatives.

The Neighborhood Assistance Tax Credit Program currently is authorized to provide $18 million in tax credits annually to encourage private businesses to contribute to important community needs. The program has been successful over the years in providing assistance for community needs such as job training programs, neighborhood revitalization, food and nutrition programs and crime prevention in distressed areas throughout the Commonwealth. This legislation will authorize $3 million in additional tax credits to businesses who specifically invest in veterans’ housing assistance.

We are all rightfully concerned about the higher rates of homelessness among our veteran population. There is clearly an unmet need to provide greater assistance to our veteran population with regard to their housing needs. I have heard from constituents in the business community who would welcome the opportunity to provide this much needed assistance to our homeless veteran population.

My hope is that providing this $3 million of additional tax credits and specifically targeting the funds toward veterans’ housing programs will provide greater incentive for businesses to invest in this worthwhile cause. In addition, by directing this support to veterans’ housing under the program, it will also ensure that funds are not siphoned off from other critical community needs currently funded by the program.

Please join me in co-sponsoring this important legislation. If you have questions about the legislation please contact my office at 717-787-5839.



Introduced as SB1347