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1997 SESSION

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SB 1119 Enterprise zone designations.

Introduced by: Charles R. Hawkins | all patrons    ...    notes | add to my profiles

SUMMARY:

Enterprise zone designations. Allows one enterprise zone in any county, city or town to consist of two noncontiguous zone areas. The two zone areas will not be considered separate enterprise zones, and the size of the enterprise zone will consist of the total of the two zone areas. Currently, only counties with a population density of 150 or fewer persons per square mile are authorized to have one zone containing two zone areas, each consisting of at least one square mile. The measure also lowers the threshold for designation as a "qualified business firm" by reducing from 40 percent to 25 percent the number of new employees who must either have incomes below 80 percent of the jurisdiction's median income or be zone residents. Qualified business firms are eligible for a 10-year business tax credit.


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