An Act amending the act of July 11, 1990 (P.L.465, No.113), known as the Tax Increment Financing Act, further providing for definitions, for powers of authorities, for creation of tax increment districts and approval of project plans and for financing of project costs.

Authorities are now explicitly authorized to enter agreements with municipalities and school districts to create redevelopment funds that can be funded by tax increments.

A new definition for 'Anti-displacement activity' was added to clarify that projects preventing involuntary relocation are eligible for tax increment funding.

The definition of 'project costs' was updated to include anti-displacement activity costs and to allow for the funding of redevelopment funds or reimbursement of prior expenditures.

The bill text was updated to reflect that it has been reported from committee and amended, changing the procedural status from 'Introduced' to 'As Reported from Committee'.

The effective date section was renumbered from Section 3 to Section 4 to correct a numbering error in the bill structure.