HB 1572 — An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in historic preservation incentive tax credit, further providing for tax credit certificates.

PRINTER'S NO.   1885

                      THE GENERAL ASSEMBLY OF PENNSYLVANIA



                          HOUSE BILL
                          No. 1572
                                                Session of
                                                  2025

     INTRODUCED BY GOUGHNOUR, SAMUELSON, GIRAL, KHAN, PROBST,
        McNEILL, T. DAVIS, POWELL, INGLIS, MUNROE, MAYES, FREEMAN,
        BIZZARRO AND SANCHEZ, JUNE 10, 2025

     REFERRED TO COMMITTEE ON FINANCE, JUNE 10, 2025


                                     AN ACT
 1   Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
 2      act relating to tax reform and State taxation by codifying
 3      and enumerating certain subjects of taxation and imposing
 4      taxes thereon; providing procedures for the payment,
 5      collection, administration and enforcement thereof; providing
 6      for tax credits in certain cases; conferring powers and
 7      imposing duties upon the Department of Revenue, certain
 8      employers, fiduciaries, individuals, persons, corporations
 9      and other entities; prescribing crimes, offenses and
10      penalties," in historic preservation incentive tax credit,
11      further providing for tax credit certificates.
12      The General Assembly of the Commonwealth of Pennsylvania
13   hereby enacts as follows:
14      Section 1.     Section 1703-H(b)(5) of the act of March 4, 1971
15   (P.L.6, No.2), known as the Tax Reform Code of 1971, amended
16   July 11, 2024 (P.L.674, No.56), is amended to read:
17   Section 1703-H.     Tax credit certificates.
18      * * *
19      (b)   Review, recommendation and approval.--
20            * * *
21            (5)   In granting tax credit certificates under this
22      article, the Department of Community and Economic
 1      Development:
 2              (i)    Shall not grant more than $20,000,000 in tax
 3          credit certificates in any fiscal year exclusive of any
 4          tax credit certificates not awarded or returned from
 5          previous fiscal years.
 6              (ii)    Shall not grant more than [$500,000] $1,500,000
 7          in tax credit certificates to a single qualified taxpayer
 8          in any fiscal year.
 9              (iii)    Shall assure that credits are awarded in an
10          equitable manner to each region in this Commonwealth.
11          However, credits allocated to a region that are unclaimed
12          shall be promptly reallocated to eligible projects in
13          other regions.
14      Section 2.    The amendment of section 1703-H(b)(5) of the act
15   shall apply to fiscal years beginning on or after July 1, 2025.
16      Section 3.    This act shall take effect immediately.




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