Pennsylvania 2023-2024 Regular Session

Pennsylvania Senate Bill SB448

Introduced
3/14/23  

Caption

In city revitalization and improvement zones, further providing for approval.

Impact

The bill proposes modifications to the existing approval framework for applications pertaining to city revitalization zones, potentially increasing the number of approved applications to two additional zones every calendar year since 2016. This change could lead to a more favorable environment for businesses and developers looking to invest in urban areas, fostering economic revitalization. However, the stipulation regarding the number of applications approved each year indicates a structured approach to managing these initiatives, ensuring that growth and development remain balanced and sustainable.

Summary

Senate Bill 448 seeks to amend the Tax Reform Code of 1971, specifically regarding city revitalization and improvement zones in Pennsylvania. The focal point of the bill is to enhance the approval process for applications associated with these zones, which play a crucial role in stimulating economic growth and development in urban areas. By refining the criteria and processes for approval, the bill aims to facilitate more efficient city revitalization efforts across the state. Through these measures, the legislation intends to attract investment and support the sustainable development of communities in need of economic uplift.

Sentiment

The sentiment surrounding SB 448 appears to be generally positive, particularly among stakeholders focused on economic development and community revitalization. Proponents advocate for the bill as a necessary step in boosting investment in urban areas and providing necessary support for economically disadvantaged regions. However, some concerns may arise regarding the adequacy of resources and the potential for uneven development, emphasizing the need for careful consideration of local needs and priorities.

Contention

Notable points of contention include concerns about the implications of increasing the number of approved zones each year. While the intent is to promote economic development, critics may argue that such expansions could lead to disparities or a ‘one-size-fits-all’ approach that does not adequately address the unique challenges different cities face. Stakeholders may push for amendments that ensure equitable distribution of resources and support for diverse urban centers, thereby maintaining a focus on tailored revitalization efforts.

Companion Bills

No companion bills found.

Previously Filed As

PA SB778

In city revitalization and improvement zones, further providing for approval.

PA SB235

In city revitalization and improvement zones, further providing for approval.

PA SB1014

In city revitalization and improvement zones, further providing for definitions, for establishment or designation of contracting authority, for approval, for transfers, for restrictions, for transfer of property and for review.

PA HB2406

In city revitalization and improvement zones, further providing for definitions, for establishment or designation of contracting authority, for approval, for functions of contracting authorities, for qualified businesses, for funds, for reports, for calculation of baseline, for certification, for transfers, for restrictions and for transfer of property, providing for floating zones, further providing for Commonwealth pledges and for confidentiality, providing for operational funding and technical support and further providing for guidelines and for review.

PA HB1949

In city revitalization and improvement zones, providing for establishment of contracting authority board for city of the third class.

PA SB367

In neighborhood improvement zones, providing for contracting authority membership and further providing for confidentiality.

PA HB1575

In tax credit and tax benefit administration, further providing for definitions; and providing for factory or mill building economic revitalization.

PA SB654

In sales and use tax, further providing for

PA HB899

Providing for expanded neighborhood improvement zones.

PA HB242

In tax credits relating to beginning farmers, further providing for scope of article, for definitions, for beginning farmer management tax credit and for approval of tax credit.

Similar Bills

No similar bills found.