The State Historic Tax Credit will offer 25% state tax credit for the rehabilitation of qualified income-producing buildings. Application submission will begin on September 1, 2013 through Pennsylvania Department of Community Economic Development’s electronic Single Application system.
The historic preservation single application will not be available until that time. The department will recognize qualified expenditures as those incurred as part of a completed project beginning July 1, 2013.
Last year, Pennsylvania became the 30th state in the country to offer a state historic tax credit when Governor Tom Corbett signed the FY 2013 Commonwealth Budget and established the Historic Preservation Incentive Act. This tax credit will be a companion to the very successful federal tax credit program already in place and was established as part of the Commonwealth Budget in the Tax Reform Code.
The State Historic Tax Credit will offer a 25% state tax credit for the rehabilitation of qualified income-producing buildings that are also using the federal tax credit. By leveraging the existing 20% federal tax credit with an additional 25% state credit, the program will help lure investment into Pennsylvania. Recent research suggests that states with state credits tend to have an advantage over states that do not have tax credits in attracting investment in historic rehabilitation.
To get the program up and running, The Pennsylvania Historical and Museum Commission and the Department of Economic and Community Development will develop the program guidelines. The program is limited to $3 million annually with an individual project cap of $500,000.
For more information on the state historic tax credit and how to apply, please visit Preservation PA at www.preservationpa.org.
PIDC and the City of Philadelphia offer a variety of resources to support commercial redevelopment projects in all neighborhoods of the City involving historic properties. For more information please contact Chamor Hollinger at 215-496-8157 or at email@example.com.