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.

SB 898 amends Pennsylvania's Waterfront Development Tax Credit program under the Tax Reform Code. It establishes 60-day timelines for the Department of Revenue to approve or renew waterfront development organizations' applications and projects. The bill increases the maximum tax credit from 75% to 90% of a business's annual contribution and raises the annual cap on total tax credits from $5 million to $10 million. These changes directly affect waterfront development organizations and businesses making qualifying contributions to eligible projects.