Live Breaking News & Updates on Keystone Opportunity Zones
Stay updated with breaking news from Keystone opportunity zones. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Erie County elected officials will be zeroed in on Gov. Tom Wolf on Wednesday as Wolf presents his 2021-2022 budget. It will be Wolf s seventh budget proposal as governor and it comes as the commonwealth wrestles with the uncertainties of an economy ravaged by the COVID-19 pandemic, as well as a snowstorm that dumped several feet of snow on some parts of eastern Pennsylvania on Monday. The address, originally planned for Tuesday morning, has been rescheduled for Wednesday, according to the Associated Press, which reported that Gov. Wolf s office announced that the snowstorm prompted restrictions on highways across Pennsylvania and the cancelation of legislative hearings and sessions. ....
Thursday, December 24, 2020 On Dec. 10, 2020, the Philadelphia City Council approved three bills that would change the city’s tax abatement programs and impose a new residential construction tax. As of the date of this writing, Bill No. 200366 has been signed into law by Mayor Jim Kenney; Bill No. 200653 and Bill No. 200556 are awaiting his signature. The three bills passed the City Council with veto-proof margins and will take effect Jan. 1, 2022, substantially impacting real estate developers and affordable housing projects in the city. This GT Alert summarizes the three bills Bill No. 200366: Extension of Residential Tax Abatement Under Philadelphia’s long-standing residential tax abatement program, residential property owners may qualify for a 10-year tax abatement on the value of improvements related to new construction and rehabilitated properties. Historically, residential property owners could obtain a 100% tax abatement for 10 years. At the ....
The Ballard Spahr Zoning and Land Use Team is continuing to monitor all aspects of the Philadelphia land use approval process during the COVID-19 emergency, including the issuance of zoning and building permits, regulation of construction work, and zoning and land use related legislation in City Council. Below, we provide information on land use related legislation passed by City Council last week. Tax Abatement Legislation Update On December 10, 2020, City Council voted to advance three bills related to the property tax abatement (described in detail in our last Bill No. 200653 reduces the benefits of the commercial/industrial tax abatement (the Ordinance 1130 abatement). This bill reduces the tax abatement to 90% of the value of the improvements for 10 years. This reduction would apply to all applications filed after December 31, 2021. ....