The 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 renewal application process and mandates that the department publish criteria for tax credit availability in the Pennsylvania Bulletin.

Furthermore, the bill modifies the limitations on tax credits, increasing the maximum credit from 75% to 90% of the total contribution made by a business firm in a taxable year. It also raises the cap on the total amount of tax credits available in any fiscal year from $5,000,000 to $10,000,000. These changes aim to enhance the support for waterfront development projects and streamline the application process for organizations seeking tax credits. The act is set to take effect 60 days after its passage.

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