This bill amends the Tax Reform Code of 1971 by introducing a new Article XVII-M, which establishes definitions and provisions for tax credits aimed at the economic revitalization of factory or mill buildings. It defines a "program-eligible building" as one constructed before January 1, 1973, that has been at least 75% vacant for a minimum of 24 months and has undergone substantial rehabilitation. The bill outlines the criteria for building owners to apply for tax credits against their qualified tax liabilities, allowing for a credit of up to 25% of rehabilitation costs, capped at $1,500,000, with a total annual limit of $15,000,000 in credits issued.

Additionally, the bill details the responsibilities of the secretary in managing the tax credit program, including posting guidelines on the department's website and submitting a report to the General Assembly by June 30, 2026, and annually thereafter. This report will summarize the program's effectiveness, list taxpayers utilizing the credit, and provide recommendations for administrative changes. Notably, the bill overrides existing laws regarding the confidentiality of tax records, making the report's information public and available online. The new provisions will take effect for tax years beginning after December 31, 2025, with the act becoming effective immediately upon passage.

Statutes/Laws affected:
Printer's No. 1873 (Jun 09, 2025): P.L.6, No.2, P.L.1750, No.226