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2009 SESSION

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SB 1165 Enterprise zone economic incentive grants; eligibility therefor.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

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.


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