The Pennsylvania state Senate on April 2, 2012 approved the “Historic Preservation Incentive Act”. Pursuant to this Act a taxpayer may apply to the Pennsylvania Department of Community and Economic Development for a tax credit certificate which would provide a state tax credit equal to up to 25% of the “qualified expenditures” (as defined under Section 47(c)(2) of the Internal Revenue Code) incurred by the taxpayer. The issuance of state tax credit certificates by the Pennsylvania Department of Community and Economic Development is: (a) limited to commercial buildings; (b) provided on a first come first serve basis; (c) limited to not more than $10,000,000 of tax credit certificates in any fiscal year; and (d) limited to not more than $500,000 in tax credit certificates to a single taxpayer in any fiscal year. The Act also provides that the applicant taxpayer may assign a tax credit certificate to another taxpayer. The bill is currently pending before the state House.