|Posted:||January 21, 2015 02:43 PM|
|From:||Representative Thomas H. Killion|
|To:||All House members|
|Subject:||Waterfront Development Tax Credit|
I will soon be introducing legislation to establish a Waterfront Development Tax Credit to encourage private investment in waterfront property and spur economic development, environmental improvements and public recreational enhancements.
Many municipalities, both urban and rural, are located on our Commonwealth's rivers, lakes, creeks and other waterfronts. These waterfront areas offer opportunities for economic development and public recreation which contribute to the livelihood of the municipality and the surrounding area as well as to the quality of life of residents and visitors. However, these areas often require significant investment to re-develop due to barriers including abandoned industrial uses and contamination. Despite the desire to enhance waterfront areas, access to sufficient funding presents a formidable obstacle.
The legislation I will introduce seeks to provide funds for waterfront development projects by creating a "Waterfront Development Tax Credit," which would be available to individuals or businesses that contribute to nonprofit waterfront improvement organizations. Both the organizations and the projects would need approval by the Department of Community and Economic Development prior to participation in the tax credit program. Contributions would be used for specific waterfront development projects, such as: streets and public rights-of-way; waterfront parks, gardens and open spaces; access to public utilities, erosion control, storm water management and other environmental projects which promote economic development; water transportation facilities for use by the public, including water transit landings and boat docking; and amenities, including infrastructure and recreational projects. Total tax credits which may be granted in any fiscal year are capped at $10 million.
Please consider co-sponsoring this legislation.
Introduced as HB457