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1999 SESSION

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SB 1187 Enterprise zone designations.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Enterprise zone designations. Increases the maximum number of enterprise zones from 50 to 55. Five of the zones designated after July 1, 1999, shall be located in localities that (i) have annual average unemployment rates that are 50 percent higher than the statewide average or (ii) are within planning districts that have average unemployment rates at least one percent greater than the statewide average.

SUMMARY AS PASSED SENATE:

Enterprise zone designations. Increases the maximum number of enterprise zones from 50 to 55. Five of the zones designated after July 1, 1999, shall be located in localities that (i) have annual average unemployment rates that are 50 percent higher than the statewide average or are within planning districts that have average unemployment rates are at least one percent greater than the statewide average.

SUMMARY AS INTRODUCED:

Enterprise zone designations. Increases the maximum number of enterprise zones from 50 to 55. Five of the zones designated after July 1, 1999, shall be located in an area that is in a planning district that (i) has an unemployment rate that is at least one percent greater than the statewide unemployment rate and (ii) satisfies any additional conditions established by the Board of Housing and Community Development. The additional conditions for designation shall take into account such matters as employment, household and personal income, and potential job growth. No planning district shall have more than one area designated as one of these five additional enterprise zones. An area designated as an enterprise zone under this act shall lose its designation if no business firm qualifies for enterprise zone act benefits within 10 years.