This bill amends the Tax Reform Code of 1971, specifically focusing on waterfront development tax credits. 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 allows organizations to reserve up to 15% of contributions for future maintenance of waterfront development projects.

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 published by the department. It 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 from $5,000,000 to $10,000,000 in any one fiscal year. These changes aim to enhance the support for waterfront development initiatives in Pennsylvania.