Pennsylvania SB 898: 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.

Bill Text

PRINTER'S NO. 1028
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 898
Session of
2025
INTRODUCED BY ROBINSON, MILLER, KIM, L. WILLIAMS, VOGEL, KANE
AND LANGERHOLC, JUNE 30, 2025
REFERRED TO FINANCE, JUNE 30, 2025
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in Waterfront Development Tax Credit, further
providing for waterfront development organizations, for
waterfront development projects, for tax credit and for
limitations.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1704-K(c) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
and the section is amended by adding a subsection to read:
Section 1704-K. Waterfront development organizations.
* * *
(c) Approval timeline.--No later than 60 days after [a
waterfront development organization has submitted] submission of
an application under [this section] subsections (a) and (b), the
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department shall notify a waterfront development organization if
the organization meets the requirements of [this section]
subsections (a) and (b) for the current fiscal year.
* * *
(e) Renewal timeline.--No later than 60 days after a
waterfront development organization files a renewal application
under subsection (d), the department shall notify the waterfront
development organization if the organization meets the
requirements of subsection (d) for the current fiscal year.
Section 2. Sections 1705-K(b) introductory paragraph, 1706-
K(c) and 1708-K(1) and (4) of the act are amended to read:
Section 1705-K. Waterfront development projects.
* * *
(b) Submission.--After approval of a waterfront development
organization's application under section 1704-K(c) or
simultaneous with the filing of a waterfront development
organization's renewal application under section 1704-K(d), the
organization may submit, on a form and in a manner required by
the department, waterfront development projects for approval by
the department. The submission shall include for each waterfront
development project:
* * *
Section 1706-K. Tax credit.
* * *
(c) Availability of tax credits.--Tax credits shall be made
available by the department [on a first-come, first-served
basis] based on criteria developed by the department and
transmitted to the Legislative Reference Bureau for publication
in the next available issue of the Pennsylvania Bulletin, within
the limitation established under section 1708-K.
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* * *
Section 1708-K. Limitations.
The following limitations shall apply to the tax credits:
(1) No tax credit may exceed [75%] 90% of the total
contribution made by a business firm during a taxable year.
* * *
(4) The total amount of all tax credits shall not exceed
[$5,000,000] $10,000,000 in any one fiscal year.
* * *
Section 3. This act shall take effect in 60 days.
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