An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in corporate net income tax, repealing provisions relating to penalties and to repealer and effective date; establishing the Net Operating Loss Transfer Program; and imposing penalties.

Extended the maximum operating time for a business to qualify for the program from five years to seven years.

Increased the minimum percentage of full-time employees required to work in the Commonwealth from 15% to 30%.

Raised the non-refundable application fee for the program from $2,500 to $3,500.

Added new definitions for 'Eligible Net Loss' and 'Exchange Funds' to clarify the specific terms and conditions of the tax transfer mechanism.

Updated the definition of 'Biotechnology business' to explicitly require the entity to do business in the Commonwealth and file a corporate net income tax return under the relevant article.

Expanded the definition of 'Technology business' to include requirements that the business does business in the Commonwealth, files a corporate net income tax return, and owns or licenses protected intellectual property.