Prokopiak measure to increase Historic Preservation Tax Credit Program becomes law as part of state budget package
Rep. Jim Prokopiak July 16, 2024 | 2:54 PM
HARRISBURG, July 16 – State Rep. Jim Prokopiak’s bill that will help Pennsylvania’s economy by expanding the state Historic Preservation Tax Credit Program was included in a Fiscal Code bill, which was signed into law by Gov. Josh Shapiro on July 11.
Prokopiak initially proposed expanding the Historic Preservation Tax Credit from $5 million to $20 million, starting in 2025 as H.B. 2358. The language of the legislation was added into the Fiscal Code bill, which is part of the state budget package.
“Investing in preserving our historic structures does two things,” Prokopiak said. “It not only helps to better tell the story of our commonwealth’s history, but it also is an economic driver as it helps turn these structures into income-producing properties.”
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 Prokopiak.
Of the 37 states that have a similar tax credit, Pennsylvania had the fourth-lowest cap of $5 million. The increased investment is necessary, as the need for funding is greater than the cap, Prokopiak said. 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.
Prokopiak represents the 140th Legislative District comprising Falls, Morrisville, Tullytown and part of Middletown in Bucks County.
###rjb/2024/ta
l:\print\releases\
|
CONTACT: Ryan Bevitz
House Democratic Communications Office
Phone: 717-787-7895
Email: rbevitz@pahouse.net
|