This bill amends Title 26 of the Pennsylvania Consolidated Statutes to include a new section that provides for compensation for loss of goodwill resulting from the taking of property through eminent domain. The new section, titled "717. Compensation for loss of goodwill," outlines the conditions under which business owners can claim compensation for goodwill loss, requiring them to prove that the loss is directly caused by the property taking and that it will not duplicate other compensation awarded. Additionally, it allows the acquiring agency to rebut the claim if it can demonstrate that the loss could have been reasonably prevented through business relocation or other prudent measures.

The bill also establishes guidelines for leaseback agreements, stating that no additional goodwill will accrue during the lease and that goodwill liability must be determined at the time of property acquisition. Furthermore, it allows for the use of state tax returns to assess goodwill value in cases of disagreement between the business owner and the acquiring agency, while ensuring confidentiality. The definitions section clarifies what constitutes "goodwill" in this context. The act is set to apply retroactively to declarations of taking filed on or after January 1, 2024, and will take effect immediately upon passage.