This bill amends the Tax Reform Code of 1971 to enhance the historic preservation incentive tax credit by revising the definition of "qualified taxpayer" and adjusting the limits on tax credit certificates. The definition now includes entities exempt from federal income taxation under 26 U.S.C. 501(c)(3) that own a qualified historic structure, thereby broadening the scope of eligible applicants for the tax credit.

Additionally, the bill modifies the maximum amount of tax credit certificates that can be awarded to a single qualified taxpayer in any fiscal year, increasing the limit from $500,000 to $1,500,000. The total amount of tax credit certificates granted in any fiscal year remains capped at $20,000,000, with provisions for equitable distribution across regions in Pennsylvania. The changes to the definition of "qualified taxpayer" will take effect in 60 days, while the adjustments to the tax credit certificate limits will apply to fiscal years beginning on or after July 1, 2025.

Statutes/Laws affected:
Printer's No. 1842 (Jun 25, 2026): P.L.6, No.2