Bill Information

An Act providing for the establishment, operation and administration of the Enterprise Zone Economic Revitalization Program, for enterprise planning zones, for enterprise development zones and for 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 special net loss deduction provisions for certain corporations located in enterprise zones; increasing the set-aside amount for private companies which make qualified investments in enterprise zones; imposing additional powers and duties on the Department of Community and Economic Development; and making repeals.