This bill amends the Tax Reform Code of 1971 to enhance the management of Neighborhood Improvement Zone Funds and establish a Small Business Opportunity Program. It modifies the process for handling excess funds in these zones by removing the requirement to return excess money to the General Fund and instead directing that it be used to satisfy required payments, with 25% of baseline tax revenues being allocated to the Small Business Opportunity Fund. This change aims to ensure that funds are utilized for local obligations before supporting small business initiatives.

Additionally, the bill introduces a new section that mandates each contracting authority to create a Small Business Opportunity Program. This program is designed to stimulate local entrepreneurship, support small business development, and strengthen economic vitality within designated improvement zones. Eligible businesses must meet specific criteria, including being classified as small businesses and employing full-time staff. The bill also outlines the process for grant applications, reporting requirements, and confidentiality provisions regarding tax information, ensuring that the program is effectively administered and monitored.

Statutes/Laws affected:
Printer's No. 1884 (Jul 10, 2026): P.L.6, No.2