HARRISBURG –State Sen. Devlin Robinson’s (R-37) bill to expand the existing Pennsylvania Waterfront Development Tax Credit (WDTC) Program was approved today by the Senate Finance Committee.
“Pennsylvania’s rivers, lakes and creeks offer substantial opportunities for economic development and public recreation for both residents and visitors,” Robinson 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 WDTC Program, established by Act 84 of 2016, is an essential tool that helps communities fulfill the potential of their waterways. Established by the Pennsylvania General Assembly with bipartisan support, the program encourages private investment in waterfront property that creates public access to the water, increases property values, restores ecology and creates jobs and economic growth.
The tax credit is currently capped at $1.5 million statewide, with growing demand rapidly outpacing the amount of credits available. Senate Bill 1205 increases the total amount of tax credits, which may be granted in any fiscal year, to $10 million.
The legislation now goes to the full Senate for consideration.
CONTACT: Elizabeth Weitzel, 717-787-5839