New tax credit floated for Pennsylvania’s historic homeowners
(The Center Square) – A proposed tax credit may breathe new life into Pennsylvania’s inventory of deteriorating historic homes.
Reps. Joe Ciresi, D-Royersford, and R. Lee James, R-Seneca, said they will soon introduce a bill expanding the state’s existing Historic Preservation Tax Credit to include homeowners.
Currently, the program offers credits to owners who plan to renovate their properties into income-producing units.
Ciresi told The Center Square the legislation will not only preserve history, but also “provide important investments in revitalizing communities, creating jobs, and making sure our residents can live in safe and decent housing.”
The lawmakers said a similar program established in Maryland in 1996 has since created 25,000 jobs and helped restore over 4,000 historic buildings.
“Pennsylvania has a rich and vibrant history as the birthplace of democracy,” said Ciresi. “Even with a modest investment, we can achieve significant progress in blight remediation, historic preservation, and community revitalization – while creating jobs and driving our economy.”
The Pennsylvania Department of Community and Economic Development (DCED) recently reported they awarded $5 million in historic tax credits for 25 projects during FY 2021-2022. The department estimates that investment generated construction projects totaling more than $177 million.