An Act amending the act of December 1, 1977 (P.L.237, No.76), known as the Local Economic Revitalization Tax Assistance Act, further providing for title of act, for construction, for definitions, for deteriorated areas, for exemption schedule and for procedure for obtaining exemption; and providing for public registry.

This bill amends Pennsylvania's Local Economic Revitalization Tax Assistance Act to clarify and expand the types of properties eligible for tax exemptions in economically depressed areas. It specifically broadens the definition of "deteriorated property" to include industrial, commercial, and other business properties, as well as government-owned sites like schools that are located in designated distressed zones or have been ordered vacated or demolished. The legislation also introduces new definitions for terms such as "converted residential portion" and "mixed-use building" to better guide local governments in identifying eligible sites. Under the updated rules, local taxing authorities must hold a public hearing to establish the boundaries of these deteriorated areas before granting tax relief for improvements or new construction within them.