Short
Title: An Act amending the act of October 6, 1998 (P.L.705, No.92), known as
the Keystone Opportunity Zone, Keystone Opportunity Expansion Zone and Keystone
Opportunity Improvement Zone Act, providing for keystone opportunity expansion
zones for job creation; and imposing duties on the Department of Community and
Economic Development.
Prime
Sponsor: Senator
ALLOWAY
Last
Action: Referred to FINANCE,
July 10, 2014 [Senate]
Printer's No.
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2242*
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MEMORANDUM
Posted:
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June
25, 2014 04:48 PM
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From:
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To:
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All
Senate members
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Subject:
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Amending
Act 92 - Keystone Opportunity Zone - To Allow for the Designation of 10
additional KOZ's throughout the Commonwealth
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In
the near future, Senator Eichelberger and myself plan to introduce
legislation amending the act of October 6, 1998 (P.L. 705, No. 92), known as
the Keystone Opportunity Zone, Keystone Opportunity Expansion Zone, and
Keystone Opportunity Improvement Zone Act, providing for keystone opportunity
expansion zones for job creation.
This legislation will authorize The Department of Community and Economic Development (DCED) to designate up to ten additional Keystone Opportunity Zones (KOZs) within the Commonwealth. Each KOZ shall not be less that ten acres in size unless contiguous to an existing zone, not exceed in the aggregate total of 375 acres, and be comprised of parcels that are deteriorated, underutilized or unoccupied. A person or business within a KOZ shall be entitled to the tax exemptions, deductions, abatements and credits set forth by Act 92 for a period of no more that 10 years and no less than 5 years. This KOZ legislation is being offered to foster economic opportunities and job creation in this Commonwealth, to facilitate economic development, stimulate industrial and commercial improvements, and prevent physical and infrastructure deterioration of geographic areas within the Commonwealth. |
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