Pennsylvania SB1397 increases the annual tax credit limit for mixed-use development from $4,500,000 to $15,000,000.

Pennsylvania SB1397 amends the Tax Reform Code of 1971 to increase the annual tax credit limit for mixed-use development from $4,500,000 to $15,000,000. This change aims to provide more financial support for projects that combine residential, commercial, and other types of development in a single area, potentially encouraging urban revitalization and diverse community spaces. The proceeds and earnings from the sale of these tax credits will be deposited into a designated fund. The act will take effect 60 days after its passage.

Pennsylvania SB1397 increases the annual tax credit limit for mixed-use development from $4,500,000 to $15,000,000.

Pennsylvania SB1397 amends the Tax Reform Code of 1971 to increase the annual tax credit limit for mixed-use development from $4,500,000 to $15,000,000. This change aims to provide more financial support for projects that combine residential, commercial, and other types of development in a single area, potentially encouraging urban revitalization and diverse community spaces. The proceeds and earnings from the sale of these tax credits will be deposited into a designated fund. The act will take effect 60 days after its passage.