Pennsylvania HB1094 establishes a historic homeownership preservation incentive tax credit for qualified taxpayers.
Pennsylvania HB1094 creates a tax credit for qualified taxpayers who rehabilitate their historic homes. The bill defines a "qualified historic home" as a certified historic property located in a qualified census tract, owned by the applicant, and being used as the principal residence. The Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission collaborate to review applications, verify eligibility, and allocate credits. The bill sets a maximum annual tax credit of $3,000,000 and limits individual tax credits to $20,000 per fiscal year.
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