How SB 1487 changes current law

An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in neighborhood assistance tax credit, further providing for tax credit and for grant of tax credit. · Pennsylvania

How this bill changes current law

5 changes

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This bill increases the cap on tax credits available under the Tax Reform Code of 1971 from $72 million to $108 million annually.

  • Section 1904-A(c)

    seventy-two million dollars ($72,000,000) → one hundred eight million dollars ($108,000,000)

    The total amount of tax credits granted annually is raised.

  • Section 1905-A(a)

    up to

    The potential maximum tax credit percentages for contributions and investments are clarified.

  • Section 1905-A(a)

    up to

    The potential maximum tax credit percentages for contributions to comprehensive service projects are clarified.

  • Section 1905-A(a)

    up to

    The potential maximum tax credit percentage for veterans' housing assistance is clarified.

  • Section 1905-A(a)

    seventy-two million dollars ($72,000,000) → one hundred eight million dollars ($108,000,000)

    The bill confirms the annual tax credit cap, ensuring it aligns with the changes in Section 1904-A.

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