The state Senate Finance Committee recently proposed legislation expanding Pennsylvania’s Waterfront Development Tax Credit (WDTC) program.
The WDTC program was created by Law 84 of 2016. It helps communities realize the potential of their waterways by encouraging private investment in waterfront properties that create public access to water, increase property values, restore the ecology and create jobs and economic growth.
The tax credits are equal to 75% of the total contribution paid by a company to a riparian development organization during a taxation year.
Senate Bill 1205 would increase the total amount of tax credits given in a fiscal year from $1.5 million statewide to $10 million. The increase would meet a growing demand for credits.
“Pennsylvania’s rivers, lakes and streams provide substantial opportunities for economic development and public recreation for residents and visitors,” said Sen. Devlin Robinson (R-Allegheny/Washington), who sponsored the project. law. “Despite the desire to enhance riparian areas, access to sufficient funding presents a formidable obstacle. This legislation will help ease that burden.
The bill is now sent back to the full Senate for consideration.
If the bill becomes law, it will take effect 60 days after Governor Tom Wolf signs the legislation.