The 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 affected by eminent domain. Under this new provision, business owners can claim compensation for loss of goodwill if they can demonstrate that the loss was directly caused by the property taking or injury to the remaining property, and that this compensation does not duplicate other compensation awarded. The acquiring agency has the right to rebut this claim by proving that the loss could have been reasonably prevented through relocation or other prudent measures.

Additionally, the bill outlines specific conditions related to leaseback agreements, stating that no additional goodwill will accrue during the lease and that goodwill liability must be established at the time of property acquisition. It also allows for the use of state tax returns to determine 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.