Pennsylvania SB1394 amends the historic preservation incentive tax credit, adjusting the definition of "qualified taxpayer" and limiting tax credit.

Pennsylvania SB1394 modifies the historic preservation incentive tax credit by updating the definition of "qualified taxpayer" to include more types of legal business entities that own a qualified historic structure. It also limits the amount of tax credit certificates the Department of Community and Economic Development can grant to a single qualified taxpayer in any fiscal year to $1,500,000. Additionally, the bill mandates that credits be awarded equitably across regions, with unclaimed credits promptly reallocated to eligible projects in other regions.

Pennsylvania SB1394 amends the historic preservation incentive tax credit, adjusting the definition of "qualified taxpayer" and limiting tax credit.

Pennsylvania SB1394 modifies the historic preservation incentive tax credit by updating the definition of "qualified taxpayer" to include more types of legal business entities that own a qualified historic structure. It also limits the amount of tax credit certificates the Department of Community and Economic Development can grant to a single qualified taxpayer in any fiscal year to $1,500,000. Additionally, the bill mandates that credits be awarded equitably across regions, with unclaimed credits promptly reallocated to eligible projects in other regions.