This bill amends the Tax Reform Code of 1971, specifically focusing on the definitions and limitations related to tax credits for manufacturing and investment. It revises the definition of "closing date" to clarify the conditions under which a rural growth fund has collected specified amounts, introducing a new deadline of December 31, 2024, for program two tax credit authority. Additionally, the bill increases the maximum amount of credit-eligible capital contributions that the Department of Revenue can approve from $30 million to $60 million.

Furthermore, the bill modifies the limits on tax credit certificates awarded by the department. It raises the cap on tax credits that can be utilized in any fiscal year from $6 million to $12 million and also increases the total aggregate limit on tax credit certificates from $30 million to $60 million. These changes aim to enhance the investment environment and support business growth within the Commonwealth of Pennsylvania. The act is set to take effect 60 days after its passage.