An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in tax credit and tax benefit administration, further providing for definitions; and providing for tax credits for rehabilitation and reconstruction of certain factory and mill buildings and for a business tax credit.

This bill amends Pennsylvania's Tax Reform Code to create a new program offering tax credits for the rehabilitation and reconstruction of specific factory and mill buildings. To qualify, a building must be at least 75% vacant for two years, have been constructed before 1973, and undergo substantial repairs costing at least 20% of its market value. The Department of Community and Economic Development will oversee the certification process, working with municipalities to identify eligible structures and verifying that owners spend the funds strictly on approved improvements. Once a building is certified, businesses operating there can receive a business tax credit if they meet certain criteria, such as maintaining a workforce larger than the previous year. The legislation aims to revitalize older industrial sites by providing financial incentives for their repair and reuse.