Senate Approves Historic Tax Credit Legislation
HARRISBURG – The Senate approved legislation today that would provide an
incentive for property owners to renovate or rehabilitate historically
significant commercial structures, according to Sen. Lloyd Smucker (R-13).
Senate Bill 1150 would create a historic tax credit program that would be
available to any Pennsylvania municipality that has a registered historical
district. Projects would be evaluated based on economic viability and historic
"A state historic tax credit will be an important tool to help our cities,
boroughs and townships better compete for investment capital," Smucker said.
"Renewing historic structures is a tried and tested way to not only attract
investment, but also preserve the character of our communities."
Under Senate Bill 1150, $10 million in tax credit certificates could be
granted in any fiscal year, and no more than $500,000 could be granted to a
single applicant. The tax credit could cover up to 25 percent of qualified
expenditures to renovate historic structures. The bill would make tax credits
available on a first-come, first-served basis.
The historic tax credit program would be administered by the state Department
of Community and Economic Development. Applicants for the program would also be
required to submit a qualified rehabilitation plan to be reviewed by the
Pennsylvania Historical and Museum Commission.
Senate Bill 1150 was sent to the House of Representatives for consideration.