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1997 SESSION

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SB 819 Local enterprise zone development taxation program.

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

SUMMARY:

Local enterprise zone development taxation program. Authorizes local governments to establish local enterprise zone development taxation of real property or machinery and tools, or both, within state enterprise zones. The ordinance establishing a local enterprise zone development taxation program will provide that all or a specified portion of additional tax collections attributable to increases in the assessed value of the real estate or machinery and tools, or both, within the zone will be deposited in a local enterprise zone development fund. Moneys in the fund may be used to provide enhanced law-enforcement and other government services within the zone or to make grants to a chamber of commerce or an industrial development authority to secure and promote economic development within the zone.


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