In historic preservation incentive tax credit, further providing for tax credit certificates.
Impact
If passed, HB 2358 would modify existing tax laws to integrate these new tax credits, thereby promoting economic development through the restoration of historic structures. The bill is designed to not only preserve the architectural character of communities but also to potentially attract tourism and revitalization of neighborhoods. By incentivizing preservation efforts, the legislation aims to reduce the financial burden on property owners undertaking significant restoration projects.
Summary
House Bill 2358 proposes the establishment of a historic preservation incentive tax credit aimed at stimulating investment in the preservation of historic properties. This legislation seeks to provide tax credit certificates that would allow property owners and developers to offset some of the renovation and maintenance costs associated with historic buildings. The intent behind this bill is to encourage the rehabilitation of historic sites, which proponents argue will enhance cultural heritage and contribute positively to local economies.
Sentiment
The general sentiment surrounding HB 2358 is favorable among historic preservation advocates, architectural groups, and local business associations who see it as a positive step toward preserving the state's cultural legacy. However, there are concerns voiced by some legislators about the financial implications of providing tax credits, with debates focusing on the effectiveness of such incentives in truly boosting local economies versus their cost to the state treasury.
Contention
Notable points of contention include discussions on the eligibility criteria for the tax credits, the adequacy of financial support for preservation projects, and potential measures to prevent abuse of the tax credit provisions. Critics fear that without strict guidelines, the bill could lead to misuse of taxpayer funds. The balance between fostering economic development and protecting the integrity of preservation goals has sparked lively debates, making HB 2358 a focal point of legislative discussion.
Providing for historic homeownership preservation incentive tax credit; imposing duties on the Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission; and establishing the Historic Homeowner Preservation Tax Credit Administration Fund.
Providing for historic homeownership preservation incentive tax credit; imposing duties on the Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission; and establishing the Historic Homeowner Preservation Tax Credit Administration Fund.
In tax credit and tax benefit administration, further providing for definitions; in research and development tax credit, further providing for limitation on credits; and providing for Angel Investment Tax Credit.
In tax credit and tax benefit administration, further providing for definitions; and providing for tax credits for rehabilitation and reconstruction of certain factory and mill buildings and for a business tax credit.