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: Representative KAUFFMAN
Last Action: Referred to COMMERCE, Aug. 5, 2014 [House]
Memo: KOZ Zone Legislation
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Printer's
No.
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3970*
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MEMORANDUM
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Posted:
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July 22, 2014 03:47 PM
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From:
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To:
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All House members
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Subject:
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KOZ Zone Legislation
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In the near future, we
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 than 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 than 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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