SB 1307
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, providing for Historic Barn Preservation Tax Credit and for regulations; and imposing powers and duties on the Department of Community and Economic Development.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill creates a Historic Barn Preservation Tax Credit in Pennsylvania. It allows qualified taxpayers who own historic barns (at least 50 years old) to receive a tax credit for the costs associated with rehabilitating or restoring them, including structural improvements and architectural alterations. The Department of Community and Economic Development will administer the program, with an initial annual funding cap of $10 million, and a first-come, first-served application process will be used. The tax credit can be carried over to future years, but cannot be carried back or refunded.
Key provisions
- Establishes a Historic Barn Preservation Tax Credit.
- Defines key terms such as ‘historic barn,’ ‘costs of rehabilitation or restoration,’ and ‘qualified taxpayer.’
- Sets an annual funding limit of $10 million for the tax credit.
- Allows qualified taxpayers to claim a tax credit up to 25% of rehabilitation costs or $100,000.
- Provides for a first-come, first-served application process.
- Allows for the carryover of unused tax credits to subsequent years.
- Specifies that tax credits cannot be sold or assigned.
- Sets an expiration date for the program of December 31, 2036.
Who is affected
- Pennsylvania taxpayers
- Owners of historic barns
- Agricultural businesses
- The Department of Community and Economic Development
- The Department of Agriculture
Notable changes
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