Just ahead of state budget season, two Republican lawmakers
are stumping for a proposal that would establish a waterfront development tax
credit initiative in Pennsylvania.
Sen. Randy Vulakovich, R-Allegheny County, and Rep. Tom
Killion, R-Delaware County, introduced companion bills last spring to encourage
private investment and economic development along waterfront properties, which
also could spur environmental improvements and public recreation enhancements.
The two will hold a 5 p.m. news conference today in the east
rotunda of the state Capitol to push those bills — Senate Bill 968 and House
Bill 1461. The former is in the Senate Appropriations Committee, while the
latter remains in the House Finance Committee.
The credits would be capped at $10 million per year. They
would be available to individuals or businesses contributing to nonprofit
waterfront improvement organizations.
At the time his bill was introduced, Vulakovich cited about
$130 million of investment in 10 Pittsburgh riverfront projects since 1999.
That was when Riverlife was started. The senator also noted more than $4
billion in adjacent investment, ranging from corporate headquarters and office
buildings to hotels, residences and sports and entertainment complexes.
Contributions would be used for specific waterfront
development projects, and organizations and projects would have to be approved
by the state Department of Community and Economic Development prior to
participation in the program.
Source: Central
Penn Business Journal
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