Section 1601-X.2. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Approved residential revitalization zones." A residential revitalization Keystone Opportunity Zone approved by the department.
"Blighted residential property." A property meeting one or more of the conditions declared under section 2 of the act of May 24, 1945 (P.L.991, No.385), known as the Urban Redevelopment Law.
"Department." The Department of Community and Economic Development of the Commonwealth.
"Industrial and commercial development authority." An authority organized under the act of August 23, 1967 (P.L.251, No.102), known as the Economic Development Financing Law, or any successor entity designated by the county to administer projects under this article.
"KOZ Act." The act of October 6, 1998 (P.L.705, No.92), known as the Keystone Opportunity Zone, Keystone Opportunity Expansion Zone and Keystone Opportunity Improvement Zone Act.
"Residential revitalization Keystone Opportunity Zone." A project that includes one or more of the following:
(1) Acquisition of blighted residential property.
(2) Demolition of blighted residential property structures.
(3) Environmental remediation.
(4) Site preparation.
(5) Public or private infrastructure improvements.
(6) Rehabilitation or reconstruction of existing structures.
(7) Adaptive reuse of existing structures.
(8) New residential construction.
(9) Mixed-use development containing a residential component.
"Tax Reform Code of 1971." The act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971.
(1601-X.2 added July 12, 2026, P.L.265, No.21)