In Pennsylvania, the House of Representatives recently passed a bill sponsored by Rep. Jim Prokopiak aimed at boosting job creation and supporting the state’s economy. House Bill 2358 focuses on increasing the Historic Preservation Tax Credit, with plans to raise the annual limit from $5 million to $20 million starting in 2025.
Rep. Prokopiak highlighted the significance of the Historic Preservation Tax Credit Program in Pennsylvania, noting that it not only helps restore and maintain historical structures that represent the state’s rich past but also contributes to economic growth by converting these properties into income-generating assets. He emphasized that investing in historic rehabilitation projects creates more jobs compared to other industries, citing data that shows investing $1 million in such projects leads to the creation of 6.4 direct jobs and 5.6 indirect jobs in Pennsylvania.
Prokopiak pointed out that compared to other states with similar tax credit programs, Pennsylvania currently has one of the lowest caps on investment. He stressed the need for an increase in funding as demand exceeds current limits, citing an example from the 2022-23 fiscal year where 31 projects requested a total of $12.7 million in tax credits but only 22 received them due to limited funds available.
The bill is now moving on to the state Senate for further review and consideration before becoming law. The passing of this bill reflects a commitment from lawmakers to revitalize historic structures and drive economic progress in Pennsylvania, which will ultimately benefit job creation and attract more investment opportunities for businesses across the state