An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in manufacturing and investment tax credit, further providing for definitions relating to rural jobs and investment tax credit, for rural growth funds, for claiming the tax credit and for revocation of tax credit certificates.

This bill amends Pennsylvania's Tax Reform Code to update rules for the rural jobs and investment tax credit program. It establishes two categories of investment authority based on when they were issued and sets specific spending limits of $50 million for each category. The legislation also defines what counts as a rural growth investment, clarifies how businesses can claim tax credits over several years, and adds stricter limits on how much a single rural business can receive to prevent concentration of funds.