PENNSYLVANIA HISTORIC PRESERVATION TAX CREDIT (PA HPTC)
On July 2, 2013, Gov. Tom Corbett signed the Pennsylvania Historic Incentive Tax Credit into law as part of the overall statewide budget package. As a result, Pennsylvanians will be able to utilize a 25% historic preservation tax credit that can be used along with the 20% federal historic tax credit to rehabilitate older, historic buildings in Pennsylvania. The PA HPTC is computed at 25% of qualified rehabilitation expenses up to $500,000, which is the maximum credit amount. Therefore, any project in excess of $2,000,000 total QREs could receive a credit of $500,000. The total tax credit available for FY 2013-2014, FY 2014-2015, FY 2015-2016 and FY 2016-2017 was $3 million for each fiscal year, and was divided evenly between Depart of Community and Economic Development (DCED) Regional Offices. Application for a reservation of credits is requested by using DCED’s electronic Single Application for Assistance.
For more information on Historic Resource and Tax Credit Services, please call or e-mail Bonnie Mark: (717) 441-1301 | bmark@deltaone.com
For more information on Historic Resource and Tax Credit Services, please call or e-mail Bonnie Mark: (717) 441-1301 | bmark@deltaone.com