This bill amends the Tax Reform Code of 1971, specifically focusing on the historic preservation incentive tax credit. It modifies the provisions regarding the issuance of tax credit certificates by the Department of Community and Economic Development. Notably, the bill increases the maximum amount of tax credit certificates that can be granted to a single qualified taxpayer in any fiscal year from $500,000 to $1,500,000. Additionally, it maintains the overall cap of $20,000,000 in tax credit certificates that can be awarded in any fiscal year, excluding any certificates not awarded or returned from previous years.

The changes outlined in this bill will take effect for fiscal years beginning on or after July 1, 2025. The intent of these amendments is to enhance the accessibility of tax credits for historic preservation projects, ensuring a more equitable distribution of credits across different regions of Pennsylvania while allowing for the reallocation of unclaimed credits to eligible projects in other areas.

Statutes/Laws affected:
Printer's No. 1885 (Jun 10, 2025): P.L.6, No.2