|Posted:||February 3, 2021 10:06 AM|
|From:||Representative Robert Freeman|
|To:||All House members|
|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, assist businesses located in the buildings, and facilitate lenders making loans to the businesses, in order to promote the redevelopment and reuse of these vacant industrial 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.
Please join me in co-sponsoring this legislation.
Introduced as HB2280