This bill amends the Tax Reform Code of 1971, specifically focusing on the Waterfront Development Tax Credit. It introduces new timelines for the approval and renewal of applications submitted by waterfront development organizations. The Department of Revenue is required to notify these organizations within 60 days of their application submission regarding their eligibility for tax credits. Additionally, the bill establishes a new subsection that outlines the renewal application process, ensuring that organizations receive timely feedback on their compliance with the requirements.

Furthermore, the bill modifies the criteria for the availability of tax credits, moving away from a first-come, first-served basis to a system based on criteria developed by the department. It also increases the maximum tax credit from 75% to 90% of the total contribution made by a business firm in a taxable year and raises the total cap on tax credits available in any fiscal year from $5,000,000 to $10,000,000. These changes aim to enhance the effectiveness of waterfront development initiatives and provide greater financial incentives for businesses contributing to these projects.

Statutes/Laws affected:
Printer's No. 1028 (Jun 30, 2025): P.L.6, No.2