|Posted:||October 12, 2018 08:53 AM|
|From:||Senator David G. Argall|
|To:||All Senate members|
|Subject:||Improving Pennsylvania’s Historic Preservation Incentive Tax Credit Program|
In the near future, I will introduce legislation that will make improvements to our state’s historic preservation incentive tax credit program based on information collected at a recent 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.
My 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 my 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 properties impacted by the tax credits, jobs created because of the tax credits and more.
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.
Introduced as SB1279