summary
Introduced
02/20/2025
02/20/2025
In Committee
02/20/2025
02/20/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of December 1, 1977 (P.L.237, No.76), entitled "An act authorizing local taxing authorities to provide for tax exemption for certain deteriorated industrial, commercial and other business property and for new construction in deteriorated areas of economically depressed communities; providing for an exemption schedule and establishing standards and qualifications," further providing for exemption schedule.
AI Summary
This bill amends the Local Economic Revitalization Tax Assistance Act by extending the maximum tax exemption period from 10 to 20 years for certain industrial, commercial, and business properties located in economically depressed areas. The existing law allows local taxing authorities to provide tax exemptions for new construction or improvements in deteriorated areas, and this amendment increases the potential duration of those tax exemptions. Specifically, the bill changes Section 5(b)(1) to allow local governments to create tax exemption schedules that can last up to 20 years instead of the previous 10-year limit. The bill will apply to tax exemption applications submitted after its effective date, which will be 60 days after passage. This change is intended to provide longer-term economic incentives for businesses to invest in and revitalize economically challenged areas by offering an extended period of tax relief.
Committee Categories
Budget and Finance
Sponsors (9)
Wayne Fontana (D)*,
Jay Costa (D),
John Kane (D),
Tim Kearney (D),
Nick Miller (D),
Nickolas Pisciottano (D),
Steve Santarsiero (D),
Nikil Saval (D),
Judy Schwank (D),
Last Action
Referred to Finance (on 02/20/2025)
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