The proposed bill amends the Tax Reform Code of 1971 to introduce a new article, ARTICLE XVII-H.1, which establishes a Historic Homeownership Preservation Incentive Tax Credit. This tax credit aims to incentivize the rehabilitation of certified historic properties within Pennsylvania. The bill outlines the definitions of key terms such as "certified historic property," "qualified historic home," and "qualified expenditures," and it sets forth the application process for taxpayers seeking tax credit certificates. The Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission are tasked with overseeing the program, including the review of rehabilitation plans and the allocation of tax credits.

Additionally, the bill stipulates that the total amount of tax credits available is capped at $3,000,000 annually, with individual taxpayers limited to a maximum of $20,000 in credits per fiscal year. The legislation also mandates the development of guidelines for implementation and requires annual reporting to the General Assembly on the program's effectiveness. Taxpayers will not be able to apply for credits after February 1, 2035, and the bill allows for a small percentage of allocated funds to be used for administrative costs by both the commission and the department. The act is set to take effect 180 days after its passage.

Statutes/Laws affected:
Printer's No. 1189 (Mar 31, 2025): P.L.6, No.2
Printer's No. 1189: P.L.6, No.2