This bill amends the Tax Reform Code of 1971, specifically focusing on the definitions and limitations related to manufacturing and investment tax credits. It revises the definition of "closing date" to clarify the conditions under which a rural growth fund is considered to have met its collection requirements. Notably, it changes the criteria for program two tax credit authority by replacing the term "either" with "the earliest of the" and adds a new condition that includes December 31, 2024, as a potential closing date.

Additionally, the bill increases the limits on credit-eligible capital contributions and tax credit certificates. The maximum amount of credit-eligible capital contributions that the Department may approve is raised from $30 million to $60 million. Furthermore, the cap on tax credit certificates awarded in any fiscal year is doubled from $6 million to $12 million, and the overall limit on tax credit certificates is also increased from $30 million to $60 million. The act is set to take effect 60 days after its passage.