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Senate Bill 0541


Senate Bill 0541

ARCHIVE (2011)

Latest Information

 

DIGEST OF INTRODUCED BILL


Regional economic development target area. Authorizes a regional economic development target area (target area) to be established as an economic development pilot program in certain counties (eligible counties). Provides that the redevelopment commission of an eligible county may adopt a resolution to establish a target area if the redevelopment commission finds that an economic development project proposed for the target area will increase or retain employment opportunities, attract a new business, or retain or expand a business. Specifies that the determination of a redevelopment commission to create a target area must be approved by ordinance of the legislative body of the county. Provides that if a target area is established in a county, that county may enter into a project agreement with one or more other eligible counties concerning assistance to be provided for the proposed economic development project. Requires the project agreement to be entered into as an interlocal cooperation agreement. Provides that if a target area is established, the fiscal body of the county in which the target area is located may adopt an ordinance imposing a target area income tax on the adjusted gross income of individuals employed within the target area (regardless of the county in which the individual resides). Specifies that the target area income tax is imposed only on the adjusted gross income derived from an individual's place of business or employment within the target area. Provides that the target area income tax may not exceed a rate of 1%. Requires the target area income tax to be distributed to the eligible county imposing the tax in the same manner as other county income taxes are distributed. Provides that the tax revenue derived from the
    Current Status:
     In Committee - first House
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