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Rep. Freeman: Bill Would Provide Tax Incentives For Historic Preservation Projects
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Rep. Bob Freeman (D-Northampton) this week announced the introduction of House Bill 1354 to provide grants and tax incentives for residential and commercial historic preservation projects.

            The bill would establish the Historic Preservation Incentive Grant Program within the Department of Community and Economic Development. The program is designed to provide tax credits for certain historic commercial projects – up to $500,000, and grants for certain residential external rehabilitation or restoration projects – up to $15,000.
            "These tax incentives and credits can act as a form of economic stimulus for older communities, creating restoration and construction jobs while also preserving historic buildings and improving the look of older communities," said Rep. Freeman, Minority Chair of the House Local Government Committee.
            Under the program, the Pennsylvania Historical and Museum Commission would review requests within 45 days of application, with priority given to properties located within Elm Street and Main Street communities, enterprise zones and historic districts. All projects would have to be completed within two years.
            "In order to preserve historic buildings, it is vital that we provide assistance to renovate and preserve them," Rep. Freeman said. "These buildings are sometimes very costly to renovate and, because of that, can fall into disrepair. This bill can make a difference in renovating our older communities."
            Rep. Freeman said that he believes his bill is particularly relevant in today's economy.
            "With the current economic downturn, this bill will provide relief for those who want to preserve historic locations and turn buildings into environmentally friendly ones. The bill is good for owners, good for the community, from both a historical and environmental perspective, and good for the economy."

4/18/2011

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