Pennsylvania HB 1572: An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in historic preservation incentive tax credit, further providing for tax credit certificates.

Bill Text

PRINTER'S NO. 1885
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1572
Session of
2025
INTRODUCED BY GOUGHNOUR, SAMUELSON, GIRAL, KHAN, PROBST,
McNEILL, T. DAVIS, POWELL, INGLIS, MUNROE, MAYES, FREEMAN,
BIZZARRO AND SANCHEZ, JUNE 10, 2025
REFERRED TO COMMITTEE ON FINANCE, JUNE 10, 2025
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in historic preservation incentive tax credit,
further providing for tax credit certificates.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1703-H(b)(5) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, amended
July 11, 2024 (P.L.674, No.56), is amended to read:
Section 1703-H. Tax credit certificates.
* * *
(b) Review, recommendation and approval.--
* * *
(5) In granting tax credit certificates under this
article, the Department of Community and Economic
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Development:
(i) Shall not grant more than $20,000,000 in tax
credit certificates in any fiscal year exclusive of any
tax credit certificates not awarded or returned from
previous fiscal years.
(ii) Shall not grant more than [$500,000] $1,500,000
in tax credit certificates to a single qualified taxpayer
in any fiscal year.
(iii) Shall assure that credits are awarded in an
equitable manner to each region in this Commonwealth.
However, credits allocated to a region that are unclaimed
shall be promptly reallocated to eligible projects in
other regions.
Section 2. The amendment of section 1703-H(b)(5) of the act
shall apply to fiscal years beginning on or after July 1, 2025.
Section 3. This act shall take effect immediately.
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