The Pennsylvania House of Representatives recently passed legislation aimed at boosting job creation and stimulating the state’s economy. Sponsored by Rep. Jim Prokopiak, D-Bucks, the bill focuses on increasing the Historic Preservation Tax Credit. If approved, the bill would raise the annual limit of the tax credit from $5 million to $20 million starting in 2025.
Prokopiak highlighted the importance of Pennsylvania’s Historic Preservation Tax Credit Program in preserving the state’s historical structures and boosting economic growth. According to him, every $1 million invested in an historic rehabilitation project in Pennsylvania creates 6.4 direct jobs and 5.6 indirect jobs, surpassing other industries in terms of job creation.
In comparison to other states with similar tax credits, Pennsylvania has one of the lowest caps on its tax credit program. Prokopiak emphasized that increased investment is needed due to overwhelming demand that exceeds the current $5 million cap. During the 2022-23 fiscal year, the Pennsylvania Historical and Museum Commission received requests for $12.7 million in tax credits for 31 projects but was only able to award credits to 22 projects due to limited funding available.
If passed by the state Senate, Prokopiak believes that raising the tax credit cap will allow more deserving projects to benefit from the program, leading to preservation of Pennsylvania’s architecture and history as well as generating more jobs and economic investment. This bill could have a significant impact on job creation and economic growth in Pennsylvania if approved by both houses of Congress.
The bill aims to increase job creation by raising