This bill amends Title 26 of the Pennsylvania Consolidated Statutes to include a new section, 717, which provides for compensation for loss of goodwill to business owners when their property is taken through eminent domain. The bill outlines specific conditions under which compensation for goodwill is warranted, including the requirement that the loss must be directly caused by the property taking and that it should not duplicate other compensation awarded. Additionally, it allows the acquiring agency to rebut claims for compensation if they can demonstrate that the loss could have been reasonably prevented through relocation or other prudent measures.

The bill also establishes guidelines for leaseback agreements, stating that no additional goodwill will accrue during such agreements and that goodwill liability must be determined at the time of property acquisition. Furthermore, it permits 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 act is retroactive to declarations of taking filed on or after January 1, 2024, and will take effect immediately upon passage.