Pennsylvania 2023-2024 Regular Session

Pennsylvania Senate Bill SB1259

Introduced

6/18/24

Refer

6/18/24

Caption

In historic preservation incentive tax credit, further providing for definitions and for tax credit certificates.

Impact

If enacted, SB1259 would amend existing tax regulations to include specific provisions related to historic preservation. This impact will likely manifest through increased funding opportunities for restoration projects, improved property values in historic areas, and a potential rise in tourism related to cultural heritage sites. Supporters argue that the bill not only preserves historical sites but also contributes to local economic development by drawing visitors and potential investment into the communities.

Summary

SB1259 focuses on providing tax credit incentives for historic preservation efforts in the state. The bill aims to encourage the restoration and maintenance of historic properties by offering financial benefits, thereby promoting the preservation of cultural heritage and enhancing local communities' aesthetic and architectural value. By formalizing tax credit certificates, the legislation seeks to streamline the process for property owners engaged in historical renovation projects.

Sentiment

Overall sentiment regarding SB1259 appears to be positive among stakeholder groups interested in historic preservation and community development. Proponents, including local government officials, historical societies, and property owners, express enthusiasm about the potential benefits of the bill. However, some concerns have been raised regarding how the implementation of tax credits might affect local funding and resource allocations, leading to a more nuanced view among various community members.

Contention

Debates surrounding SB1259 primarily focus on the efficiency and distribution of the proposed tax credits. Critics highlight that while the intention of preserving historical sites is commendable, there remains apprehension regarding the state’s ability to manage and administer these tax incentives. Some stakeholders worry that the tax credits might favor specific areas or property owners, potentially leading to inequities in preservation efforts across different regions. This contention emphasizes the need for transparency and careful planning in the execution of such legislation.

Companion Bills

No companion bills found.

Previously Filed As

PA HB2358

In historic preservation incentive tax credit, further providing for tax credit certificates.

PA SB251

In historic preservation incentive tax credit, further providing for definitions.

PA SB117

In historic preservation incentive tax credit, further providing for definitions.

PA HB1572

In historic preservation incentive tax credit, further providing for tax credit certificates.

PA HB653

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.

PA HB724

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.

Similar Bills

No similar bills found.