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ARTICLE · 19 JULY 2016

The Tide Rises Waterfront Development in Pennsylvania

Reed Smith
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Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania's waterfronts may soon benefit from the new "Waterfront Development Tax Credit" enacted as part of Act 84, and signed into law by Governor Wolf on July 13, 2016.

United StatesReal Estate and Construction
Michael Kostiew
Michael Kostiew
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Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania's waterfronts  may soon benefit from the new "Waterfront Development Tax Credit" enacted as part of Act 84, and signed into law by Governor Wolf on July 13, 2016.  Intended to "encourage private investment in waterfront property", the new law grants tax credits in exchange for contributions made towards approved "waterfront development projects."  Under the new legislation, qualifying  non-profit entities and authorities will soon be able submit applications and become "waterfront development organizations".  After being designated as a waterfront development organization, an entity may submit waterfront development plans and projects to the Pennsylvania Department of Community and Economic Development for approval.  Such organizations will administrator and oversee completion of approved waterfront development projects.

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