An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in waterfront development tax credit, further providing for waterfront development organizations, for waterfront development projects, for tax credit and for limitations.

Summary

The bill updates the Tax Reform Code to require the Department of Revenue to notify waterfront development organizations of approval or renewal within 60 days. It also changes how tax credits are awarded, moving to a first‑come, first‑served system, raising the maximum credit per business to 90% of its contribution, and doubling the annual credit cap to $10 million. These changes aim to streamline waterfront projects and increase available incentives.

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