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Pennsylvania State LIHTC Passes Legislature, Awaits Governor’s Signature to Become Law

Thursday, October 22, 2020 - 3:15PM

The Pennsylvania state House and Senate unanimously passed a bill this week creating a state low-income housing tax credit (LIHTC), which now awaits either the signature of Gov. Tom Wolf or the passage of 10 days to become law. S.B. 30 creates a state credit that mirrors the federal LIHTC. Once the state LIHTC program is funded, at least 10 percent of the credits for each award must be used for households with incomes at or below 30 percent of the area median income. No more than 50 percent of a taxpayer’s tax liability could be offset by the credit in any year.

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