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2009 SESSION

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HB 2332 Enterprise zone economic incentive grants; increases amount of investment made to be eligible.

Introduced by: Clarence E. Phillips | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Enterprise zone economic incentive grants.  Increases from $50,000 to $100,000 the minimum amount of investment required to be made in the rehabilitation or expansion of a building in order to be eligible for an enterprise zone incentive grant, and increases from $250,000 to $500,000 the minimum amount of investment required to be made for new construction in order to be eligible for an enterprise zone incentive grant.  Grants would be calculated at a rate of 20 percent of the amount of qualified real property investment in excess of $500,000 for the construction of a new building or facility.  Grants would be calculated at a rate of 20 percent of the amount of qualified real property investment in excess of $100,000 in the case of a rehabilitation or expansion of an existing building or facility.  The bill would provide that any investor making $5 million or less in qualified real property investment in a building would be allowed a maximum of $100,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $125,000). The bill would provide that any investor making more than $5 million in qualified real property investment in a building would be allowed a maximum of $200,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $250,000). The bill also makes technical changes.

SUMMARY AS INTRODUCED:

Enterprise zone economic incentive grants.  Increases from $50,000 to $100,000 the minimum amount of investment required to be made in the rehabilitation or expansion of a building in order to be eligible for an enterprise zone incentive grant, and increases from $250,000 to $500,000 the minimum amount of investment required to be made for new construction in order to be eligible for an enterprise zone incentive grant. The bill would provide that any investor making $5 million or less in qualified real property investment in a building would be allowed a maximum of $100,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $125,000). The bill would provide that any investor making more than $5 million in qualified real property investment in a building would be allowed a maximum of $200,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $250,000). The bill also makes technical changes.