Pennsylvania HB2720 establishes a tax credit for green infrastructure projects, defining eligible practices and limiting annual credits to $50.

HB2720 amends the Tax Reform Code of 1971 to introduce a green infrastructure tax credit. This credit applies to projects that reduce, capture, infiltrate, evapotranspirate, or reuse stormwater, such as permeable pavement and green roofs. The credit is equal to 50% of qualified costs, up to $500,000 per taxpayer per year. Pass-through entities can allocate credits to shareholders, owners, or members. The Department of Revenue must approve applications within 60 days, with a cap of $50 million in credits annually. If the cap is reached, applications are prioritized for the next fiscal year.

Pennsylvania HB2720 establishes a tax credit for green infrastructure projects, defining eligible practices and limiting annual credits to $50.

HB2720 amends the Tax Reform Code of 1971 to introduce a green infrastructure tax credit. This credit applies to projects that reduce, capture, infiltrate, evapotranspirate, or reuse stormwater, such as permeable pavement and green roofs. The credit is equal to 50% of qualified costs, up to $500,000 per taxpayer per year. Pass-through entities can allocate credits to shareholders, owners, or members. The Department of Revenue must approve applications within 60 days, with a cap of $50 million in credits annually. If the cap is reached, applications are prioritized for the next fiscal year.