Pennsylvania HB1575 amends the Tax Reform Code of 1971 to provide tax credits for the rehabilitation of factory or mill buildings.
Pennsylvania HB1575 amends the Tax Reform Code of 1971 to establish a tax credit for the rehabilitation of factory or mill buildings. The bill defines a "factory or mill complex" as buildings constructed before January 1, 1973, with at least one floor, excluding basements, that have been vacant for at least 24 months. Municipalities can request the Department of Community and Economic Development to consider buildings for designation as "program-eligible buildings." Owners of designated buildings can claim a tax credit of up to 25% of rehabilitation and reconstruction costs, up to $1,500,000.
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