HB 2665
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in neighborhood improvement zones, further providing for Neighborhood Improvement Zone Funds and providing for Small Business Opportunity Program.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends existing tax laws in Pennsylvania’s neighborhood improvement zones. It redirects excess funds from these zones to a Small Business Opportunity Fund, which aims to support small businesses within those areas. The bill also establishes a Small Business Opportunity Program within each contracting authority to encourage entrepreneurship, job creation, and economic development. It outlines eligibility criteria for businesses to participate in the program and requires annual reporting on program activities.
Key provisions
- Redirects excess Neighborhood Improvement Zone Funds to a Small Business Opportunity Fund.
- Establishes a Small Business Opportunity Program within contracting authorities.
- Defines eligibility criteria for businesses to participate in the Small Business Opportunity Program.
- Requires contracting authorities to administer grants for the Small Business Opportunity Program.
- Mandates annual reporting on program activities, including jobs created and economic impact.
- Defines ‘small business’ for the purposes of the program.
- Specifies a timeline for refunding excess funds and establishing the Small Business Opportunity Fund.
Who is affected
- Neighborhood Improvement Zones
- Small Businesses
- Contracting Authorities
- Pennsylvania Residents
- Local Taxing Authorities
Notable changes
- Creates a dedicated fund (Small Business Opportunity Fund) to support small businesses in neighborhood improvement zones.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Michael Schlossberg
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