An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in neighborhood assistance tax credit, further providing for tax credit and for grant of tax credit.

This bill increases Pennsylvania's Neighborhood Assistance Tax Credit program by raising the annual funding cap from $36 million to $72 million. It adjusts the percentage of tax credits available to businesses and private companies based on their investment duration and specific project types, such as veterans' housing or long-term service commitments. The legislation also raises the maximum credit limit per taxpayer and allocates $2 million specifically for pass-through entities like partnerships and S corporations. These changes aim to encourage more private investment in community development projects while maintaining restrictions on financial institutions using credits for their standard business operations.