This bill amends the Tax Reform Code of 1971, specifically focusing on the research and development tax credit. It increases the total amount of credits that can be approved by the Department of Revenue from $60 million to $120 million in any fiscal year. Additionally, the allocation for small businesses is raised from $12 million to $24 million. The bill also stipulates that if the total amounts allocated to either small businesses or other applicants are not fully approved in a fiscal year, the unused portion will be made available to the other group of qualifying taxpayers.

The changes aim to enhance support for both small businesses and larger applicants by increasing the overall funding available for tax credits. This adjustment reflects a commitment to fostering research and development activities within the Commonwealth of Pennsylvania, thereby potentially stimulating economic growth and innovation. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 903 (Jun 06, 2025): P.L.6, No.2