Ciresi, James introduce legislation to create tax credit to rehabilitate and preserve historic homes
HARRISBURG, March 28 – State Reps. Joe Ciresi, D-Montgomery, and R. Lee James, R-Venango, introduced legislation on Monday to create the Historic Homeownership Preservation Incentive Tax Credit in Pennsylvania.
The proposed legislation would allow homeowners with a plan to rehabilitate their historic home located in a qualified census tract to receive tax credits towards the rehabilitation project.
“Historic preservation preserves our cultural and historic resources for future generations, and plays a key role in revitalizing communities, creating jobs, supporting local tax bases, and improving quality of life,” Ciresi said. “Currently, Pennsylvania has a Historic Preservation Tax Credit that supports the rehabilitation of income-producing properties but has no equivalent for owner-occupied historic structures despite the benefits to our economy and society. It’s time we changed that.”
The representatives say that research shows that similar tax programs are great economic engines for communities. The representatives found that Maryland’s Historic Revitalization Tax Credit Program helped rehabilitate over 4,000 historic buildings since 1996, creating 25,000 jobs in the process. They also learned that studies have repeatedly found that historic preservation creates more jobs for each dollar than other public investments, including new construction and manufacturing.
“So much rich history has passed here in the Keystone State since 1681 when William Penn named the colony ‘Pennsylvania,’ meaning ‘Penn’s Woods,’” James said. “It’s crucial that we do all we can to preserve our history and historic structures for future generations. That’s why I am proud to team up with Rep. Ciresi to ensure this happens.”
“The passage of this bill would spur our communities economically forward by preserving their past,” Ciresi said. “It’s a win-win for everyone involved, from homeowners to local businesses to municipalities.”