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Bill Encouraging Historic Restoration Sails Through House

HARRISBURG, PA-Legislation that offers a menu of tax credits and other incentives for the purchase and restoration of historic commercial buildings in the commonwealth sails through the House unopposed and heads for the Senate.

By Marita Thomas | Updated on October 22, 2003

HARRISBURG, PA-In a unanimous vote, the Pennsylvania House of Representatives passed legislation that provides incentives for the purchase and restoration of historic commercial properties throughout the state, providing they become reused for business purposes. The bill could be especially beneficial to Philadelphia and its surrounding suburbs.

It is part of a larger economic development and revitalization effort on behalf of older cities and towns. Designated Bill 952, it seeks preservation not just for preservation’s sake, but also as a strategy for drawing businesses and residents back to downtown areas that have been losing residents, businesses and their tax base.

The legislation, introduced by Rep. Don Frankel, provides a 20% state income tax credit to owners that buy, restore and do business in historic commercial buildings and a 20% tax credit on eligible redevelopment costs. It also exempts the state’s share of the realty transfer tax for a seller that agrees to sell an historic property to a buyer that agrees to restore it. In addition, it waives the state sales tax on material used in the restoration of such properties.

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