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2015 SESSION

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HB 1726 Enterprise zone real property; investment grants.

Introduced by: Sam Rasoul | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Enterprise zone real property investment grants. Allows investments in buildings that incorporate residential and commercial or industrial uses to qualify for an enterprise zone real property investment grant with regard to the portion of the investment associated with the exclusive commercial space, which is the area within the peripheral walls and ceiling of any portion of the building that is used for a commercial or industrial use. Currently, expenditures incurred with respect to all of a building with both residential uses and commercial or industrial uses may constitute a qualified real property investment only if at least 30 percent of the usable floor space will be devoted to commercial or industrial use. This measure provides that where less than 30 percent of the building's space will be devoted to commercial or industrial use, expenditures associated with the exclusive commercial space may nonetheless qualify for a grant under the enterprise zone program.


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