This bill amends the Tax Reform Code of 1971, specifically focusing on the definitions and limitations related to manufacturing and investment tax credits. It modifies the definition of "closing date" to clarify the conditions under which it applies to different tax credit authorities, including the addition of a specific date, December 31, 2024, as a new criterion. 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 revises the limits on tax credit certificates, raising the cap on the amount of tax credits that can be utilized in any fiscal year from $6 million to $12 million, and also increasing the total aggregate limit on tax credit certificates from $30 million to $60 million. These changes aim to enhance the investment potential and support for business firms within the state. The act is set to take effect 60 days after its passage.