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12/09/2024 10:15 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=14011
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House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: January 30, 2014 10:21 AM
From: Representative Robert Freeman
To: All House members
Subject: Factory or Mill Buildings and Economic Revitalization
 
From: Representative Robert Freeman

To: All House Members

Date: January 30, 2014

Subject: Factory or Mill Buildings and Economic Revitalization


In the near future, I intend to introduce legislation amending the Tax Reform Code of 1971 to establish tax incentives for owners to rehabilitate factory or mill buildings, businesses located in the buildings, and lenders making loans to the businesses, in order to promote the redevelopment and reuse of the vacant buildings in our municipalities.

My legislation would create Article XVII-J in the Tax Reform Code of 1971, which would establish three types of tax incentive programs for the rehabilitation or reconstruction of certifiable factory or mill complexes. The first program provides a tax credit of 25% for the rehabilitation and reconstruction costs incurred by the owner. The second program is a business tax credit, which provides a tax credit equal to 100% of the total amount of Pennsylvania salaries and wages paid to qualified full-time employees, which has a maximum allowable credit of $5,000 per qualified employee. The final program is an interest income tax program, which permits a taxpayer to receive a tax credit of 10%, up to $10,000 per taxable year, of the tax liability for interest earned and paid on loans made to eligible businesses for expenditures within the building. The taxpayer is also allowed a tax credit of 100%, up to $20,000 per taxable year, of the qualified liability of the interest earned on loans made for the purpose of substantial rehabilitation.

If you have any questions regarding this legislation, please contact Danielle Brown in my office at 783-3815 or dbrown@pahouse.net.




Introduced as HB2125