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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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends existing tax laws in Pennsylvania’s neighborhood improvement zones. It outlines how excess funds from these zones are to be distributed, including a 25% transfer to a Small Business Opportunity Fund. The bill also establishes a Small Business Opportunity Program within contracting authorities to encourage entrepreneurship and job creation in these zones. It details eligibility requirements for businesses seeking grants and mandates annual reporting on program activities and economic impact.
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.
- Specifies grant requirements and procedures for awarding funds.
- Requires annual reporting on program activities, jobs created, and economic impact.
- Defines ‘small business’ for program purposes.
- Allows contracting authorities to access tax information of participating businesses for program oversight.
- Sets timelines for various actions, including fund distribution and grant approvals.
Who is affected
- Pennsylvania residents and businesses located in neighborhood improvement zones.
- Contracting authorities operating in neighborhood improvement zones.
Bill text
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Document of record
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1 on record
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