PA HB1575

Creates a new "Factory or Mill Building Economic Revitalization" tax credit program allowing building owners to claim up to 25% of rehabilitation costs, capped at $1,500,000 per project, for substantially rehabilitating historic factory or mill buildings constructed before January 1, 1973

Eligible buildings must have been at least 75% vacant for a minimum of 24 months and require rehabilitation costs equaling at least 20% of the building's appraised market value

Municipalities must submit building lists to the Department of Community and Economic Development for designation, and agree to expedite permits and require Pennsylvania Historical and Museum Commission review and approval

Total program tax credits are capped at $15,000,000 per fiscal year, with unused credits carrying forward for up to seven years; credits cannot be sold, assigned, or refunded

Building owners must maintain operations for five years or refund the full tax credit amount; applies to tax years beginning after December 31, 2025