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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | June 14, 2022 11:43 AM |
|---|---|
| From: | Representative Joe Ciresi and Rep. R. Lee James |
| To: | All House members |
| Subject: | Historic Homeownership Preservation Incentive Tax Credit |
| One of Pennsylvania’s greatest assets is our rich historic heritage. In communities across our Commonwealth, our plentiful historic buildings serve as a reminder of that history and, for many of our residents, are the place they call home. Historic preservation not only preserves our cultural and historic resources for future generations, but can play a key role in revitalizing communities, creating jobs, supporting local tax bases, and improving qualify of life. While Pennsylvania’s Historic Preservation Tax Credit supports the rehabilitation of income-producing properties, our state, unlike a majority of those with state-level historic preservation tax incentives, has no equivalent for owner-occupied historic structures. In our neighboring state of Maryland, their Historic Revitalization Tax Credit Program has helped rehabilitate over 4,000 historic buildings since 1996, creating 25,000 jobs in the process. Studies have repeatedly found that historic preservation creates more jobs for each dollar than other public investments, including new construction and manufacturing. And in addition to supporting local workers and industries, the final product is a rehabilitated home, a stronger community, and history preserved for the future. To support the rehabilitation and preservation of owner-occupied historic structures, we are introducing legislation to create a Historic Homeownership Preservation Incentive Tax Credit in Pennsylvania. This legislation would allow homeowners with a plan to rehabilitate a qualified historic home located in a qualified census tract to receive tax credits towards the rehabilitation project. Even with a modest investment, we can achieve significant progress in blight remediation, historic preservation, and community revitalization – while creating jobs and driving our economy. Please consider joining us in co-sponsoring this important legislation that will further stimulate the historical, social, and economic growth of many historic neighborhoods throughout our Commonwealth. |