An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in city revitalization and improvement zones, further providing for definitions, for establishment or designation of contracting authority, for approval, for functions of contracting authorities, for qualified businesses, for funds, for reports, for calculation of baseline, for certification, for transfers, for restrictions and for transfer of property, providing for floating zones, further providing for Commonwealth pledges and for confidentiality, providing for operational funding and technical support and further providing for guidelines and for review.

This bill amends Pennsylvania's Tax Reform Code to update and expand the rules for city revitalization and improvement zones, which are designated areas intended to spur economic development and job creation. It primarily affects cities with at least 20,000 residents and establishes a "contracting authority" to manage these zones, including the power to designate specific areas and oversee construction projects. The legislation clarifies definitions for various terms, outlines the types of taxes that can be used for zone funding, and sets new guidelines for how baseline calculations and financial transfers are handled within these districts. Additionally, the bill introduces provisions for "floating zones," which allow for more flexible designation of areas, and ensures confidentiality regarding Commonwealth pledges related to these initiatives.