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 definitions and for tax credit certificates.

This bill amends Pennsylvania's Tax Reform Code to update the rules for historic preservation incentive tax credits. It clarifies which businesses and organizations are eligible to claim these credits and expands the definition of qualified taxpayers to include tax-exempt entities. The legislation also adjusts the administrative process by setting a new annual funding limit of $50 million for tax credit certificates and establishing a tiered application fee that cannot exceed 5% of the requested amount or $2,000. These changes aim to streamline how the Department of Community and Economic Development processes applications for funds used to restore historic structures.