In historic preservation incentive tax credit, further providing for definitions.
Impact
If enacted, SB117 could significantly enhance the framework for historic preservation within Pennsylvania by making it more accessible for a wider range of entities to benefit from tax credits. This could lead to increased funding for the rehabilitation of historic buildings, which in turn may boost local economies through construction activities and tourism. The adjustments to the definitions aim to promote greater participation by both individuals and organizations in initiatives that support the conservation of the state’s heritage sites.
Summary
Senate Bill 117 proposes amendments to the Tax Reform Code of 1971 in Pennsylvania, specifically targeting the historic preservation incentive tax credit. It seeks to clarify and expand the definition of 'qualified taxpayer' to include various types of individuals and entities that own qualified historic structures. This change is intended to encourage investment in historic properties through tax incentives, thereby fostering both the preservation of these structures and potential economic benefits for communities that host them.
Sentiment
The sentiment surrounding SB117 appears to be positive among stakeholders interested in heritage conservation, as it aims to simplify and broaden access to an existing tax credit system. Proponents argue that by making these tax credits available to more taxpayers, the bill could incentivize the revitalization of historic sites that have significant cultural and historical value. However, there may be some apprehension among fiscal conservatives regarding the implications of tax credits on state revenue.
Contention
While the bill has garnered support for its intent to boost historic preservation efforts, there are concerns about the financial implications of expanding tax credits. Critics may argue that increasing the scope of who qualifies for tax incentives can lead to potential abuse or a decrease in state revenue that could otherwise be allocated to services and infrastructure. Moreover, discussions may arise around the effectiveness of such tax incentives in achieving the desired conservation outcomes compared to direct funding or grants.
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.
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 Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, further providing for definitions and for application and approval of tax credit, providing for sustainable aviation fuel and further providing for definitions.
In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; and providing for personal health investment tax credit.
In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; and providing for personal health investment tax credit.