Boosting Job Creation and Economic Growth through Historic Preservation: Pennsylvania House of Representatives Approves Bill to Increase Historic Preservation Tax Credit
Pennsylvania House of Representatives recently approved a bill sponsored by Rep. Jim Prokopiak to boost job creation and support the state’s economy. The bill, House Bill 2358, aims to increase the Historic Preservation Tax Credit, with plans to raise the annual limit from $5 million to $20 million starting in 2025.
The significance of the Historic Preservation Tax Credit Program was highlighted by Prokopiak, who noted that it not only helps restore and maintain historical structures that represent Pennsylvania’s rich past but also contributes to economic growth by converting these properties into income-generating assets. Investing $1 million in historic rehabilitation projects leads to the creation of 6.4 direct jobs and 5.6 indirect jobs in Pennsylvania, outperforming other industries in terms of job creation.
Prokopiak emphasized the necessity of increasing the investment limit as demand for funding exceeds the existing $5 million cap. During the 2022-23 fiscal year, 31 projects requested a total of $12.7 million in tax credits, with only 22 projects receiving credits due to limited funds available.
The passing of this bill reflects a commitment to revitalizing historic structures and driving economic progress in Pennsylvania. By allowing more deserving projects to benefit from the tax credit, preserving Pennsylvania’s architectural heritage and history will not only create jobs but also attract economic investment to the state
