Bill
Bill > SB117
summary
Introduced
01/22/2025
01/22/2025
In Committee
01/22/2025
01/22/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon; providing procedures for the payment, collection, administration and enforcement thereof; providing for tax credits in certain cases; conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities; prescribing crimes, offenses and penalties," in historic preservation incentive tax credit, further providing for definitions.
AI Summary
This bill modifies the definition of "qualified taxpayer" in Pennsylvania's Tax Reform Code to expand the types of entities eligible for historic preservation tax credits. Specifically, the bill adds that tax-exempt organizations under section 501(c)(3) of the federal tax code can now be considered qualified taxpayers if they own a qualified historic structure. This means that non-profit organizations, in addition to for-profit businesses like corporations, partnerships, and limited liability companies, can now qualify for historic preservation tax credits. The expanded definition allows more types of organizations to benefit from tax incentives designed to encourage the preservation and restoration of historic buildings. The bill will take effect 60 days after its enactment, providing a clear timeline for implementation of the new, broader definition of qualified taxpayer.
Committee Categories
Budget and Finance
Sponsors (7)
Dave Argall (R)*,
Frank Farry (R),
Wayne Fontana (D),
John Kane (D),
Nick Miller (D),
Judy Schwank (D),
Pat Stefano (R),
Last Action
Referred to Finance (on 01/22/2025)
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