The state Senate Finance Committee recently advanced legislation expanding the Pennsylvania Waterfront Development Tax Credit (WDTC) Program.
The WDTC Program was created by Act 84 of 2016. It helps communities fulfill the potential of their waterways by encouraging private investment in waterfront property that creates public access to the water, increases property values, restores ecology, and creates jobs and economic growth.
Tax credits are equal to 75 percent of the total contribution made by a business to a waterfront development organization during a taxable year.
Senate Bill 1205 would increase the total amount of tax credits granted in any fiscal year from $1.5 million statewide to $10 million. The increase would accommodate a growing demand for credits.
“Pennsylvania’s rivers, lakes, and creeks offer substantial opportunities for economic development and public recreation for both residents and visitors,” state Sen. Devlin Robinson (R-Allegheny/Washington), who sponsored the bill, said. “Despite the desire to enhance waterfront areas, access to sufficient funding presents a formidable obstacle. This legislation will help to ease that burden.”
The bill now moves to the full Senate for consideration.
If the bill becomes law, it will go into effect 60 days after Gov. Tom Wolf signs the legislation.