Office of Sen. Lloyd Smucker
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 integrity.
“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.
Read more: http://pasenategop.com/news/2012/0412/smucker-040212.htm