Pennsylvania Legislation Would Create HTC for Factories, Mills
A bill introduced in the Pennsylvania House of Representatives would create a historic rehabilitation tax credit (HTC) for factory or mill buildings. H.B. 653 would create a 25% credit for qualified rehabilitation expenditures (QREs) on buildings built before 1973 that have been or will be used primarily for manufacturing, processing, wholesale trade or other commercial purposes and have been at least 75% vacant for the previous 24 months. QREs would be required to be a minimum of 20% of the appraised market value of the building and the buildings would be certified through a process beginning with a request from a municipality. The legislation also provides tax credits for higher annual wages paid to employees in the rehabilitated buildings and interest on loans for the substantial rehabilitation.
The newly released 2023 Novogradac Historic Rehabilitation Handbook provides an overview of the HTC incentive, including state HTCs.