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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | June 3, 2024 04:11 PM |
|---|---|
| From: | Representative Jim Prokopiak and Rep. Steve Samuelson |
| To: | All House members |
| Subject: | Increasing the Historic Preservation Tax Credit |
| Pennsylvania’s historic preservation tax credit program not only helps rehabilitate and preserve the structures that tell the tale of our Commonwealth’s rich history, but it also generates positive economic impact by helping turn those structures into income-producing properties. Every $1 million invested into a historic rehabilitation project generates 6.4 direct jobs and 5.6 indirect jobs in Pennsylvania, which outperforms every other industry. Unfortunately, the demand for this tax credit far outpaces the available funds. In FY 2022-23, 31 projects requesting a total of $12.7 million in tax credits were forwarded to the Pennsylvania Historical and Museum Commission for approval of the projects’ rehabilitation plan. With the annual program cap set at $5 million, 22 of those projects were ultimately awarded credits, using 100% of the total amount available. Further, of the 37 states that have a similar tax credit, Pennsylvania’s annual cap is the fourth lowest. I believe it is time to allow more deserving projects to receive this tax credit. That is why I am introducing legislation to raise the annual cap from $5 million to $20 million. Please join me in helping to preserve more of our Commonwealth’s fine architecture and storied history, which will generate jobs and economic investment right here in Pennsylvania. |
Introduced as HB2358