Tax Plan Raises Hopes For Historic Renovation

"A bill that passed the state House last week creates tax breaks aimed at helpingPennsylvania residents restore historic properties. The bill's sponsor, Rep. Thomas Tangretti (D., Westmoreland), and preservationists say it would help middle-class homeowners maintain their homes and stem the tide of suburban flight by encouraging investment in older neighborhoods...The bill would give a 20 percent state income-tax credit to someone who buys and restores a historically significant property and agrees to live in it for at least fiveyears. Owners also would be exempt from the 6 percent state sales tax on materials and services used to restore their homes."