SB 1397
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in mixed-use development tax credit, further providing for mixed-use development tax credits.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the existing mixed-use development tax credit program in Pennsylvania. It increases the amount of funding available for these credits, allocating up to $15 million annually. The funds will be deposited into a dedicated fund to support projects that combine residential and commercial spaces. The bill also sets a timeframe of 60 days for the changes to take effect.
Key provisions
- Increases the annual funding for mixed-use development tax credits to $15 million.
- Directs funds derived from the sale of credits into a dedicated fund.
- Specifies the amount of the tax credits available.
- Sets a 60-day period for the new provisions to become effective.
Who is affected
- Developers of mixed-use properties
- Real estate investors
- The Pennsylvania Department of Revenue
- Taxpayers
Notable changes
- Increases the funding amount for the mixed-use development tax credit program.
- Establishes a dedicated fund for the tax credits.
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