Bloomberg Tax
Oct. 28, 2020, 7:32 PM

Pennsylvania Governor to Sign Off on Low-Income Housing Credits

Sam McQuillan
Sam McQuillan

Pennsylvania is leveraging tax relief to promote affordable housing.

Gov. Tom Wolf (D) plans to sign off on legislation (S.B. 30) that would enact a state program mirroring the federal Low-Income Housing Tax Credit, a governor spokesperson told Bloomberg Tax on Wednesday.

The bill, which cleared the legislature last week, would create a 50% state credit redeemable for buildings that qualify for the federal version of tax credits. That credit is available based on the percentage of housing units rented out to people below certain income thresholds. Pennsylvania is now set to join 20 other states, ...