Senate Bill 0521
| || |
DIGEST OF INTRODUCED BILL
Renaissance zones. Permits the enterprise zone board to designate areas as renaissance zones. Provides relief from property taxes, the adjusted gross income tax, the county adjusted gross income tax, the county option income tax, and the county economic development income tax to individuals residing in a renaissance zone and businesses located in a renaissance zone. Provides that real and personal property located in a renaissance zone may be assessed for payment of ad valorem property taxes committed to funding or paying bonded indebtedness or lease rentals in leases in which the original term is for at least five years. Requires an urban enterprise association to use the assistance provided by a zone business for capital improvements within the zone.
>Latest Printing > (PDF)
| ||In Committee - first House|