Bill Information

An Act providing for the establishment, operation and administration of the Enterprise Zone Economic Revitalization Program, and for enterprise planning zones, enterprise development zones and enterprise investment zones; authorizing the reimbursement of municipal corporations for a portion of taxes exempted by the municipal corporations on improvements to deteriorated property located within the enterprise zones; providing that reimbursement payments received by municipal corporations be used for community development projects and neighborhood services within enterprise zones; providing net loss deductions for certain corporations located in enterprise zones; increasing the set-aside amount for private companies which make qualified investments in enterprise zones; providing for a competitive grant program; providing for a real estate transfer tax exemption; imposing additional powers and duties on the Department of Community Affairs; and making repeals.