Smucker Stumps for Historic Tax Credit
Intelligencer Journal/Lancaster New Era, January 13, 2012
by Tim Mekeel, Staff Writer
State Sen. Lloyd Smucker on Friday called again for a state historic tax credit to spark
urban revitalization and improve the tax bases of ailing cities.
Smucker made his remarks at the Economic Development Co. of Lancaster County and the
EDC Finance Corp. annual meeting.
"Until there's sufficient support mustered for overhauling the local tax structure … we've got
to look at the tools that will build the city's tax base, and I believe the historic tax credit is a
good, tested way to start," he said.
Smucker, the West Lampeter Republican whose 13th District includes Lancaster city, spoke to about 330 people at the DoubleTree Resort at Willow Valley.
Smucker introduced legislation last June to create a state historic tax credit.
Senate Bill 1150 was amended and approved by the Senate Finance Committee in October. It's now in the Senate Appropriations Committee.
Unlike earlier attempts over the past decade by other legislators to create a historic tax credit, Smucker's version is limited to commercial structures.
Developers could get a credit for no more than 25 percent of qualified expenses.
The state could issue no more than $10 million in credits annually.
The state historic tax credit would be in addition to the federal historic tax credit, which can be as high as 20 percent.
Smucker said the limits on state historic tax credits would ensure that the program "does not conflict with the fiscal restraint" being implemented by Gov. Tom Corbett.
But the credits would be potent enough to attract developers to projects in Pennsylvania cities, drawing investment that in turn would strengthen city tax bases — and budgets, he said.
Smucker acknowledged that some rural and suburban residents might not be in a hurry to support an initiative that lends a hand to cities.
"Detractors contend that cities must heal themselves," observed Smucker.
But a city's struggles affect other municipalities, he said.
"To believe that a city's woes will not ripple across the county is like saying 'Your end of the boat is sinking,'" Smucker said.
Also at Friday's annual meeting, EDC officials presented the agency's "Founders Award" for distinguished leadership in economic and community development to two recipients:
• Wilson D. McElhinny, a catalyst for urban revitalization in the 1970s and retired chairman, president and chief executive officer of Hamilton Bank.
• PPL Corp., a long-time supporter and facilitator of economic development across the county.
Used with permission from the Intelligencer Journal/Lancaster New Era; January 13, 2012
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Click here to view videos of 2012 EDC "Founders" Award recipients:
- Wilson D. McElhinny
- PPL Corporation
Click here for the Joint EDC & EDC Finance Corporation Strategic Plan Summary |
