An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in historic preservation incentive tax credit, further providing for definitions and for tax credit certificates.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends Pennsylvania’s tax code to clarify and adjust the historic preservation incentive tax credit. Specifically, it updates the definition of ‘qualified taxpayer’ to include certain exempt organizations that own historic structures. It also modifies the amount of tax credit certificates the Department of Community and Economic Development can award to both individual taxpayers and overall in a given fiscal year, aiming for equitable distribution across the state’s regions.
Key provisions
- Defines ‘qualified taxpayer’ to include exempt organizations owning historic structures.
- Limits the total amount of tax credit certificates the Department of Community and Economic Development can award annually ($20 million).
- Limits the amount a single qualified taxpayer can receive in tax credit certificates annually ($1.5 million).
- Requires equitable distribution of tax credit certificates across Pennsylvania’s regions.
- Specifies that unclaimed credits should be reallocated to other regions.
- Sets a 60-day timeframe for the definition change to take effect.
Who is affected
- Taxpayers
- Historic preservation organizations
- Real estate developers
- Pennsylvania residents
- Businesses
Notable changes
- Updates the definition of ‘qualified taxpayer’ to include exempt organizations.
Bill text
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Document of record
- Version
- Pn 1842 Html
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
9 on record
Primary sponsor
Cosponsors
David Argall
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