Prokopiak bill to expand tax credits, create jobs passes House
Rep. Jim Prokopiak July 2, 2024 | 5:31 PM
HARRISBURG, July 1 – State Rep. Jim Prokopiak’s bill that would stimulate the economy and create jobs by increasing the Historic Preservation Tax Credit passed the Pennsylvania House of Representatives today.
House Bill 2358 would raise the annual limit of the Historic Preservation Tax Credit from the current $5 million to a new cap of $20 million, starting in 2025.
“Pennsylvania’s Historic Preservation Tax Credit Program not only helps rehabilitate and preserve the structures that tell the tale of our commonwealth’s rich history, but it also generates positive economic impact by helping turn those structures into income-producing properties,” Prokopiak said.
Every $1 million invested into an historic rehabilitation project generates 6.4 direct jobs and 5.6 indirect jobs in Pennsylvania, which outperforms every other industry, according to the bill’s co-sponsorship memo.
Of the 37 states that have a similar tax credit, Pennsylvania has the fourth-lowest cap. The increased investment proposed in H.B. 2358 is necessary, Prokopiak said, as the need for funding is greater than the current $5 million cap. For the 2022-23 fiscal year, 31 projects requesting a total of $12.7 million in tax credits were forwarded to the Pennsylvania Historical and Museum Commission for approval of the projects’ rehabilitation plan. With the annual program cap set at $5 million, 22 of those projects were ultimately awarded credits, using 100% of the total amount available.
House Bill 2358 now heads to the state Senate for consideration.
Prokopiak represents the 140th Legislative District comprised of Falls, Morrisville, Tullytown and part of Middletown in Bucks County.
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CONTACT: Ryan Bevitz
House Democratic Communications Office
Phone: 717-787-7895
Email: rbevitz@pahouse.net
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