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 code to update rules for the historic preservation incentive tax credit program. It expands the definition of eligible taxpayers to include various business entities and tax-exempt organizations that own historic structures. The legislation also increases the maximum annual tax credit amount a single applicant can receive from $500,000 to $1.5 million while setting a new statewide annual cap of $20 million. Additionally, it requires the Department of Community and Economic Development to distribute these credits equitably across different regions of the state.