|Posted:||January 30, 2019 10:58 AM|
|From:||Representative Robert Freeman and Rep. R. Lee James|
|To:||All House members|
|Subject:||Improving Pennsylvania’s Historic Preservation Incentive Tax Credit Program|
|In the near future, we will introduce legislation that will make improvements to our state’s historic preservation incentive tax credit program based on information collected at a Senate Majority Policy Committee and Senate Urban Affairs and Housing Committee public workshop on the issue. The program is currently scheduled to sunset at the end of 2020.
We are working with Senator Dave Argall on this proposal. Our legislation mirrors Senator Dave Argall’s Senate Bill 1279 from the 2017-2018 legislative session. This legislation will extend the sunset date to 2030 and increase the program’s annual cap to $30M, matching the level provided in West Virginia’s program. Individual projects would be capped at $2.5M. The bill will enhance the market value of credits by allowing credits to be transferred more easily and affording purchasers and transferees more certainty while maintaining the existing protections to ensure equitable distribution of tax credits across the state by region.
Under our bill, workforce housing will be offered a higher credit percentage. Finally, this measure will provide the Legislature with better reporting, including the list of projects awarded with tax credits, the amount of federal and/or state tax credits received by each project, the number of properties impacted by the tax credits, jobs created because of the tax credits and more.
Please join us in supporting this important piece of legislation, as this bill will put Pennsylvania in a more competitive position with neighboring states allowing us to leverage more investment to rehabilitate older structures in our communities.