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.

HB 2127 amends Pennsylvania's Tax Reform Code to adjust tax credit rules for waterfront development projects. It increases the maximum tax credit for businesses from 75% to 90% of their contribution and doubles the annual cap on total credits from $5 million to $10 million. The bill also requires the Department of Revenue to review applications and renewals from waterfront development organizations within 60 days and limits contributions used for future maintenance to no more than 15%. These changes directly affect businesses contributing to waterfront development projects and the organizations managing these projects.