Pennsylvania 2023-2024 Regular Session

Pennsylvania Senate Bill SB251

Introduced

1/31/23

Refer

1/31/23

Caption

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

Impact

If passed, SB251 would significantly modify existing state tax laws to incorporate specific provisions for historic preservation. This adjustment would allow eligible property owners to claim tax credits for qualified expenses related to the restoration of eligible historic sites. The legislation is poised to not only safeguard architectural history but also to foster tourism, attract investment, and bolster local economies by revitalizing areas that may have been neglected. Furthermore, the bill underscores the importance of preserving cultural landmarks against the backdrop of urban development and modernization.

Summary

Senate Bill 251 aims to enhance the state's efforts in historic preservation through the implementation of an incentive tax credit program. The bill seeks to provide financial benefits to property owners who invest in the preservation and rehabilitation of historically significant buildings and sites. By encouraging the upkeep of these properties, the legislation intends to promote cultural heritage and community identity, while also stimulating economic development in historical districts. The measure is framed as both a recognition of the value of historical sites and an opportunity to leverage them for local economic gains.

Sentiment

The sentiment surrounding SB251 appears largely positive, reflecting a wider consensus on the importance of maintaining historical integrity within communities. Advocates for the bill, including local historians and preservationists, praise it as a proactive step towards valuing and protecting the rich history of the state. However, some voices in the discussion express concerns about the potential for inequitable distribution of benefits, questioning whether the incentives will be accessible to all property owners or disproportionately favor commercial entities over individual homeowners.

Contention

Despite its overall positive reception, SB251 presents notable points of contention. Critics raise issues around potential misuse of tax credits and the effectiveness of the incentives in achieving the desired outcomes in preserving history. There are also worries that the bill might inadvertently prioritize certain historical sites over others, leading to a focus on commercially viable properties at the expense of lesser-known but equally significant sites. The debate is marked by a tension between economic priorities and the intrinsic value of cultural preservation.

Companion Bills

No companion bills found.

Previously Filed As

PA SB117

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

PA SB1259

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

PA HB1572

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

PA HB2358

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 HB1094

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.

PA HB724

PA SB191

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.

PA HB1575

In tax credit and tax benefit administration, further providing for definitions; and providing for factory or mill building economic revitalization.

PA SB655

In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; in tax credit and tax benefit administration, further providing for definitions; and providing for personal health investment tax credit.

Similar Bills

No similar bills found.