|Posted:||May 15, 2013 03:24 PM|
|From:||Representative Jim Christiana|
|To:||All House members|
|Subject:||Amend Keystone Opportunity Zone Law|
|Amend Keystone Opportunity Zone Law
In the near future, I will introduce legislation that extends the tax incentive benefits provided to certain businesses located in Keystone Opportunity Zones (KOZs) past their current expiration date.
The goal of the KOZ program is to provide state and local tax benefits to businesses located in economically distressed communities. Many businesses have since made significant private investments in these distressed areas, providing much needed jobs and starting the revitalization of some of the Commonwealth’s most depressed areas. Areas that began their 10-year KOZ designation in 2003 weathered the nation’s recent recession and survived despite several years of crippled development opportunities. However, their commitment to being an important building block in the financial stability and economic growth never waivered.
This legislation would extend the KOZ authorization to eligible applicants located in occupied parcels. Criteria for an extension would include specific job retention/creation and capital investment thresholds. The extension would allow businesses to claim tax benefits for no less than 10 years from the date that the applicant commenced business activities in the KOZ. Eligible applicants would also be able to participate in a phased reduction of tax benefits as they transition through their extended KOZ expiration.
Please join me in co-sponsoring this legislation. If you have any questions, please do not hesitate to contact me.
Introduced as HB1491