Commonwealth of Pennsylvania recently implemented an important state historic tax credit
We are pleased to learn that the Commonwealth of Pennsylvania recently implemented an important state historic tax credit, which was enacted by Governor Tom Corbett when he signed the FY 2013 budget, and established the Historic Preservation Incentive Act, on June 30.
This tax credit program is an important achievement for Pennsylvania and is a welcome companion to the very successful federal tax credit program. We thank the Governor and the General Assembly for establishing this program, which will offer a 25% state tax credit for the rehabilitation of qualified income-producing buildings that are also using the federal tax credit.
We echo Preservation Pennsylvania’s sentiments in noting that the program will help lure investment into Pennsylvania by leveraging the existing 20% federal tax credit with an additional 25% state credit.
According to Preservation Pennsylvania, credit for moving this effort forward goes to Senator Lloyd Smucker, R-Lancaster, who introduced the legislation and continued championing it throughout budget negotiations.
Representative Robert Freeman, D-Northampton, advocated for this legislation in the House and helped move it to the finish line. In the end, this program was established as part of the Commonwealth Budget in the Tax Reform Code.
Efforts to establish this credit in Pennsylvania began in 1996 under the leadership of former State Representative Tom Tangretti, D-Westmoreland, who worked for the passage of this program until his retirement in 2008. Many groups and individuals worked to advocate for the passage of this program during the last 16 years.
We extend our thanks to each and every one of you for your efforts.
For ongoing updates on our work, tours, and other projects, I invite you to continue following us at www.phlf.org or on Twitter, Facebook or YouTube.
Arthur Ziegler, President
Pittsburgh History & Landmarks Foundation
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