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 factory or mill building economic revitalization.

HB 1575 creates a new tax credit program to revitalize vacant industrial properties in Pennsylvania. It directly affects building owners of pre-1973 factories or mills that have been at least 75% vacant for 24 months and are designated by their municipality for rehabilitation. The bill establishes a credit equal to 20% of qualified renovation costs (like structural repairs or equipment upgrades) that meet specific value thresholds, applied against certain business taxes. To qualify, properties must be rehabilitated for mixed commercial/residential use, and the program is administered by the Department of Community and Economic Development.