Early this summer, the Pennsylvania legislature gave a boost to developers of historic buildings by increasing the annual size of the state's historic tax credit from $5 million to $20 million. The policy is meant to provide resources to developers to renovate buildings listed on the National Register of Historic Places, but its popularity has been limited by its small size. The 12-year-old program allows developers working on the renovation of historic buildings to apply for a credit against their state income tax once the project is completed. There is still a $500,000 cap per project, so for major projects the overall expansion of the program million still won’t make a huge difference. But for smaller developments, typified by apartment or retail projects in less affluent areas, the bolstered program will be a boon.
Source: Philadelphia Inquirer; 9/2/2024