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.
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
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
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Pn 3700 Html
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
Michael Schlossberg
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours