Staff Analysis of the Legislation
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This legislation provides a sales tax exemption in certain enterprise zones: those involving investment of $400M or more in a "chronically underdeveloped area." The exemption for state sales tax would be automatic; exemption from local sales tax would require approval of the local governments. School taxes are not impacted by this bill. A proposed substitute to this bill would make the local sales tax exemption automatic in the same manner as state sales taxes; however, consistent with existing law, local government approval is still necessary for creation of such enterprise zones. |
