Pennsylvania SB1487 amends the neighborhood assistance tax credit, adjusting the maximum annual tax credit and modifying eligibility criteria.

Pennsylvania SB1487 amends the neighborhood assistance tax credit, increasing the maximum annual tax credit from $72 million to $108 million. It specifies that tax credits cannot be carried back or refunded and must be used within five years. The bill also adjusts the maximum credit for contributions or investments in fewer than four projects to $2.5 million annually. Additionally, it prohibits tax credits for activities that are part of a bank's normal business operations. The changes apply to tax credits granted for programs approved under the act.

Pennsylvania SB1487 amends the neighborhood assistance tax credit, adjusting the maximum annual tax credit and modifying eligibility criteria.

Pennsylvania SB1487 amends the neighborhood assistance tax credit, increasing the maximum annual tax credit from $72 million to $108 million. It specifies that tax credits cannot be carried back or refunded and must be used within five years. The bill also adjusts the maximum credit for contributions or investments in fewer than four projects to $2.5 million annually. Additionally, it prohibits tax credits for activities that are part of a bank's normal business operations. The changes apply to tax credits granted for programs approved under the act.