Budget & Taxes (Revenue · Small Business)

This bill amends Pennsylvania's Tax Reform Code to create a Small Business Opportunity Program within Neighborhood Improvement Zones. It directs that any excess funds remaining in these zones after required payments must be used to satisfy debts and obligations before 25% of the baseline tax revenue is transferred to a dedicated fund for small business grants. To qualify for these grants, a business must be classified as a small business, employ at least one full-time worker for 35 hours a week, and have filed all required state tax returns. The program aims to encourage entrepreneurship and job creation by providing financial support to eligible local businesses, while also requiring contracting authorities to submit annual reports on the number of participating businesses, total incentives awarded, and jobs created.