An Act amending the act of July 11, 1990 (P.L.465, No.113), known as the Tax Increment Financing Act, further providing for definitions, for creation of tax increment districts and approval of project plans and for financing of project costs.

This bill updates Pennsylvania's Tax Increment Financing Act by clarifying definitions and extending the maximum lifespan of tax increment districts from 20 to 25 years. It provides a more detailed list of allowable project costs, explicitly including expenses related to preventing displacement, such as affordable housing initiatives, job training programs, and public improvements. The legislation also allows municipalities to use these financing tools to fund a wider range of redevelopment activities, including infrastructure repairs outside district boundaries that directly benefit the project.