This bill amends the Tax Reform Code of 1971, specifically the section regarding the historic preservation incentive tax credit. The primary change is the modification of the definition of "qualified taxpayer" to include not only individuals and various business entities that own a qualified historic structure but also entities that are exempt from federal income taxation under 26 U.S.C. 501(c)(3) and own a qualified historic structure.

The bill aims to broaden the scope of who can benefit from the historic preservation incentive tax credit, thereby encouraging more entities, particularly non-profit organizations, to engage in the preservation of historic structures. The act will take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 68 (Jan 22, 2025): P.L.6, No.2
Printer's No. 0068: P.L.6, No.2