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Tax credit for waterfront development passes Pa. Senate committee

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The state Senate Finance Committee last week voted in favor of a bill to establish a Waterfront Development Tax Credit initiative in Pennsylvania.

The tax credits would encourage private investment, economic development, environmental improvements and enhancements for public recreation, according to a news release.

The legislation, Senate Bill 968, is from state Sen. Randy Vulakovich, R-Allegheny and Butler counties.

The credits, capped at $10 million per year, would be available to individuals or businesses contributing to nonprofit waterfront improvement organizations, the release stated.

Vulakovich introduced the bill, noting Pittsburgh waterfront investments, earlier this year.

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