An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in tax credit and tax benefit administration, further providing for definitions and providing for tax credits relating to economic development.

This bill amends Pennsylvania’s tax code to create and regulate an ‘economic development tax credit.’ It defines this credit as supporting long-term community planning focused on business growth, expanding the tax base, and improving infrastructure. The bill outlines specific requirements for entities receiving the credit, including compliance with the Pennsylvania Prevailing Wage Act, using Pennsylvania-sourced materials, and requires annual audits by the Department of Community and Economic Development to ensure compliance.