Staff Analysis of the Legislation
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This bill provides an income tax credit to businesses that establish new locations within revitalization zones designated by the Commissioners of the Department of Community Affairs and Department of Economic Development. To be eligible for revitalization zone status, counties and/or cities must have a population of less than 15,000 and must show economic distress based upon poverty rate, downtown area vacancies or blight. Additionally, the county and/or city must identify a concentration of historic commercial structures, a feasibility study or market analysis identifying business activities to be supported, and a master or strategic plan to assist private and public investment. |
