SB 264 — An Act amending the act of December 1, 1977 (P.L.237, No.76), known as the Local Economic Revitalization Tax Assistance Act, further providing for exemption schedule.

PRINTER'S NO.    216

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                         SENATE BILL
                         No. 264
                                                Session of
                                                  2025

     INTRODUCED BY FONTANA, SAVAL, SCHWANK, COSTA, KANE, KEARNEY,
        MILLER AND SANTARSIERO, FEBRUARY 20, 2025

     REFERRED TO FINANCE, FEBRUARY 20, 2025


                                     AN ACT
 1   Amending the act of December 1, 1977 (P.L.237, No.76), entitled
 2      "An act authorizing local taxing authorities to provide for
 3      tax exemption for certain deteriorated industrial, commercial
 4      and other business property and for new construction in
 5      deteriorated areas of economically depressed communities;
 6      providing for an exemption schedule and establishing
 7      standards and qualifications," further providing for
 8      exemption schedule.
 9      The General Assembly of the Commonwealth of Pennsylvania
10   hereby enacts as follows:
11      Section 1.     Section 5(b)(1) of the act of December 1, 1977
12   (P.L.237, No.76), known as the Local Economic Revitalization Tax
13   Assistance Act, is amended to read:
14   Section 5.     Exemption schedule.
15      * * *
16      (b)   Whether or not the assessment eligible for exemption is
17   based upon actual cost or a maximum cost, the actual amount of
18   taxes exempted shall be in accordance with the schedule of taxes
19   exempted established by a local taxing authority subject to the
20   following limitations:
21            (1)   The length of the schedule of taxes exempted shall
1      not exceed [ten] 20 years.
2          * * *
3      Section 2.   This act shall apply to applications for tax
4   exemptions submitted after the effective date of this section.
5      Section 3.   This act shall take effect in 60 days.




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