Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb688%20intr.htm&yr=2005&sesstype=RS&i=688
Timestamp: 2018-02-22 04:08:34
Document Index: 673307650

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SB 688 Text
Introduced Version Senate Bill 688 History
sb688 intr
(By Senators Unger, McCabe and Hunter)
on Economic Development.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-28-1, §11-28-2, §11-28-3, §11-28-4, §11-28-5, §11-28-6, §11-28-7, §11-28-8, §11-28-9, §11-28-10, §11-28-11, §11-28-12, §11-28-13, §11-28-14, §11-28-15, §11-28-16, §11-28-17, §11-28-18, §11-28-19, §11-28-20, §11-28-21, §11-28-22, §11-28-23, §11-28-24, §11-28-25, §11-28-26, §11-28-27, §11-28-28 and §11-28-29, all relating to establishing the First Class Cities Economic Development District Act; and providing tax credits to businesses which invest in renovating deteriorated property in cities.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §11-28-1, §11-28-2, §11-28-3, §11-28-4, §11-28-5, §11-28-6, §11-28-7, §11-28-8, §11-28-9, §11-28-10, §11-28-11, §11-28-12, §11-28-13, §11-28-14, §11-28-15, §11-28-16, §11-28-17, §11-28-18, §11-28-19, §11-28-20, §11-28-21, §11-28-22, §11-28-23, §11-28-24, §11-28-25, §11-28-26, §11-28-27, §11-28-28 and §11-28-29, all to read as follows:
ARTICLE 28. FIRST CLASS CITIES ECONOMIC DEVELOPMENT DISTRICT ACT.
This article shall be known and may be cited as the "First Class Cities Economic Development District Act."
t1-28-2. Legislative findings.
(a) There currently exist in cities located within this state areas of economic distress characterized by deteriorated property, high unemployment, low investment of new capital, underutilized, obsolete or abandoned industrial or commercial structures.
(b) These areas require coordinated efforts by private and public entities to restore prosperity and enable the areas to make significant contributions to the economic and social life of this state.
(c) Long-term economic viability of these areas requires the cooperative involvement of residents businesses, state and local elected officials and community organizations. It is in the best interest of the state to assist and encourage the creation of economic development districts and to provide temporary relief from certain taxes within the economic development districts to accomplish the purposes of this article.
"Business" means an association, partnership, Subchapter (S) corporation, corporation, sole proprietorship, limited liability company or limited liability partnership.
"Department" means the West Virginia Economic Development Authority.
"Deteriorated property" means an area containing industrial or commercial real property which is abandoned, vacant, undervalued, underutilized or condemned or which contains economically undesirable land use.
"Economic development district" means a clearly defined geographic area comprised of deteriorated property located in a city.
"Political subdivision" means a city or a school district.
"Qualified business" means a business that receives a certificate under section six of this article for the taxable year.
"Qualified pass-through entity" means a partnership association or Subchapter (S) corporation which is a qualified business.
"Qualified political subdivision" means a political subdivision which has real property within its jurisdiction which has been designated by the Department of Community and Economic Development as an economic development district.
"Resident" means an individual who is domiciled in an economic development district.
§11-28-4. Program.
(a) Establishment.-- There is established within the Department a program to be known as the First Class Cities Economic Development District Program. The program shall encourage development of deteriorated property by providing the tax exemptions, deductions, abatements or credits provided by this article to persons who own interests in qualified pass-through entities and to residents of and qualified businesses located in economic development districts.
(b) Proposal.-- On or before the first day of July, two thousand five, the Governor may, by executive order, propose the designation of deteriorated property within cities as economic development districts. The executive order shall specify the period of time, not to extend beyond the thirty-first day of December, two thousand eighteen, for which the tax exemptions, deductions, abatements or credits provided by this article may be granted. The Department shall immediately notify the owners of the deteriorated property of said designation.
(c) Application.-- Upon receipt of a request from the owners of deteriorated property notified under subsection (b) of this section, a city may apply to the Department for approval of the proposal to designate the deteriorated property as an economic development district for the period specified under subsection (b) of this section. The application shall be on a form provided by the Department and shall include a copy of an ordinance, resolution or other required action from the governing body of the city consistent with the requirements of section five of this article.
(d) Designation.-- If all political subdivisions within a proposed economic development district submit timely, completed applications, the Department shall approve the applications and designate the property as an economic development district. The state tax exemptions, deductions, abatements or credits set forth in this article and the local tax exemptions, deductions, abatements or credits set forth in this article shall take effect on the date the property is designated an economic development district. Qualified businesses and persons who own interests in qualified pass-through entities within the economic development district shall be entitled to the state tax exemptions, deductions, abatements or credits set forth in this article and the local tax exemptions, deductions, abatements or credits set forth in this article, for the period for which the economic development district has been designated.
(e) Limitation.-- The aggregate amount of deteriorated property proposed by the Governor under subsection (b) of this section, may not exceed eighty-five acres.
§11-28-5. Local ordinances and resolutions.
(a) City action.-- In order for an application to be complete, a city in which a proposed economic development district is to be located must adopt and provide with its application a copy of an ordinance, resolution or other required action from the governing body of the city that exempts or provides the deductions, abatements, or credits to qualified businesses upon designation of the property as an economic development district. The ordinance, resolution or other required action from the governing body of the city shall suspend any current abatement of real property taxation on the deteriorated property which will comprise the proposed economic development district for the period for which the economic development district will be designated. All appropriate ordinances and resolutions shall be effective for the period specified in the executive order and shall be binding and nonrevocable on the city.
(b) School district action.-- In addition to the completed application and the ordinance, resolution or other required action required by subsection (a) of this section, the city must submit a copy of an ordinance, resolution or other required action from the governing body of the school district in which the proposed economic development district is located that approves the ordinance, resolution or other required action of the city exempting or providing the deductions, abatements or credits. All appropriate ordinances and resolutions shall be effective for the period specified in the executive order and shall be binding and nonrevocable on the political subdivisions.
(c) Preemption.-- If deteriorated property is designated an economic development district under this article, no political subdivision with taxing jurisdiction over the deteriorated property may impose additional taxes on or provide additional tax exemptions, deductions, abatements or credits for the deteriorated property for the period for which the deteriorated property has been designated an economic development district.
§11-28-6. Qualified businesses.
(a) Qualifications.-- In order to qualify each year for the tax exemptions, deductions, abatements or credits provided under this article, a business shall submit a statement to the Department stating that the business owns or leases real property in an economic development district and that the business actively conducts a trade, profession or business on the real property. An agent, broker or representative of a business is not engaged in the active conduct of a trade, profession or business for the business. The Department shall review the statement. Upon being satisfied that the business is located and is in the active conduct of a trade, profession or business within the economic development district, the Department shall, subject to subsection (b) of this section, if applicable, grant the business a certificate. The business shall obtain annual renewal of the certification from the Department to continue to qualify for the tax exemptions, deductions, abatements or credits provided under this article.
(b) Relocation.-- If a business located in this state relocates from outside an economic development district into an economic development district, the business shall not receive the exemptions, deductions, abatements or credits provided under this article unless the business has entered into a lease agreement for property located within the economic development district consistent with all of the following:
(i) The net present value of the lease agreement is at least fifty million dollars.
(ii) The lease agreement is for at least five hundred thousand square feet of property.
(iii) The term of the lease agreement is at least equivalent to the balance of the duration of the designation of the property as an economic development district.
(iv) Aggregate payments under the lease agreement to support new capital investment is at least equivalent to five percent of the gross revenues of the business in the immediately preceding calendar of the fiscal year.
(v) The property will be used for food distribution.
(vi) The property consists of at least eighty-five acres.
(vii) The property is publicly owned.
§11-28-7. Residency.
In order to qualify each year for a tax exemption, deduction, abatement or credit under this article, an individual must be domiciled and must reside in an economic development district for a period of one hundred eighty-four consecutive days during each taxable year beginning on the date the person first resides within the economic development district.
§11-28-8. Reporting.
The Department and the Department of Revenue shall report annually to the Legislature on the economic effects of this article.
§11-28-9. State taxes.
(a) General rule.-- A qualified business or a person who owns an interest in a qualified pass-through entity shall receive the exemptions, deductions, abatements or credits as provided in this chapter for the duration of the economic development district designation. Exemptions, deductions, abatements or credits shall expire on the date of expiration of the economic development district designation.
(b) Limitation.-- A qualified business or a person who owns an interest in a qualified pass-through entity may not apply an exemption from income or a credit under this chapter for any class of income against any other classes of income or gain.
§11-28-10. Sales and services tax.
(a) Exemption.-- Sales at retail of services or tangible personal property, other than motor vehicles, to a qualified business for the exclusive use, consumption and utilization of the
tangible personal property or service by the qualified business at its facility located within an economic development district are exempt from the sales and service tax imposed in chapter fifteen of this code. No exemption shall be allowed for activities conducted on the real property prior to designation of the real property as an economic development district.
(b) Construction contracts.-- For a construction contract performed in an economic development district, the exemption provided in subsection (a) of this section shall only apply to the sale at retail of building machinery and equipment to a qualified business, or to a construction contractor pursuant to a construction contract with a qualified business, for the exclusive use, consumption and utilization by the qualified business at its facility located within the economic development district. For the purposes of this subsection, building machinery and equipment shall include distribution equipment purchased for the exclusive use, consumption and utilization by the qualified business at its facility located within the economic development district.
§11-28-11. Personal income tax.
(a) General rule.-- For tax years that begin on or after the first day of January of the tax years following the date an economic development district is designated, a resident or person who owns an interest in a qualified pass-through entity or who owns a qualified business which is a sole proprietorship shall be allowed an exemption for:
(1) Net income, except as provided in subdivisions (2) and (3) of this section from the operation of the qualified business received by the person which is attributable to business activity conducted by the qualified business activity conducted by the qualified business within an economic development district except that any qualified business which operates both within and outside this state, before computing its economic development district exemption, shall first determine its West Virginia activity over its activity everywhere by applying the three-factor apportionment formula as set forth in the Department of Revenue personal income tax rules applicable to income apportionment in connection with a business, trade or profession carried on both within and outside this state.
(2) Net gains or income, less net losses, derived from the date, exchange or other disposition of tangible personal property located within an economic development district, as determined in accordance with accepted accounting principles and practices, received by the person which is attributable to business activity conducted by the qualified business within the economic development district. The exemption provided in this subdivision shall not apply to the sale, exchange or other disposition of any stock or goods, merchandise or inventory, or any operational assets unless the transfer is in connection with the sale, exchange or other disposition of all of the assets in complete liquidation of a qualified business located in an economic development district. The exemption provided in this subdivision shall apply to intangible personal property employed in a trade, profession or business within the economic development district by the qualified business but only when transferred in connection with a sale, exchange or other disposition of all of the assets in complete liquidation of the qualified business. The exemption provided in this subdivision shall be prorated based on the percentage of time, based on calendar days, the property was held by the person during the time period the economic development district was in effect in relation to the total time the property was held.
(3) Net gains or income derived from or in the form of rents from the rental of tangible personal property which is allocable to an economic development district received by the person which is attributable to business activity conducted by the qualified business within the economic development district. For purposes of calculating this exemption all of the following shall apply:
(i) Net rents derived from tangible personal property located within the economic development district are allocable to the economic development district.
(ii) If the tangible personal property was used both within and outside the economic development district during the taxable year, only the net rents attributable to use within the economic development district is exempt. The net rents shall be multiplied by a fraction, the numerator of which is the number of days the property was used within the economic development district and the denominator of which is the total days of use.
(b) Pass-through.--
(1) A partner or member of a qualified pass-through entity shall be entitled to the exemptions under this section for the partner's or member's share whether or not distributed, of the income or gain received by the partnership or association for its taxable year.
(2) A shareholder of a qualified pass-through entity shall be entitled to the exemptions under this section for the shareholder's pro rata share, whether or not distributed, of the income or gain received by the Subchapter (S) corporation for its taxable year ending within or with the shareholder's taxable year.
(1) No exemption shall be allowed for activities conducted on the real property prior to designation of the real property as an economic development district.
(2) A partnership, association, Subchapter (S) corporation or person may not carry back or carry forward any exemption under this section that shall not exceed the tax liability for the person for the tax year.
§11-28-12. Corporate net income tax.
(a) Credits.-- For tax years that begin on or after the first day of January of the tax years following the date an economic development district is designated, a corporation which is a qualified business may claim a credit against the tax imposed for tax liability attributable to business activity conducted within the economic development district in the taxable year. No credit may be claimed for activities in the taxable year. No credit may be claimed for activities conducted on the real property prior to designation of the real property as an economic development district. The business activity must be conducted directly by the corporation in the economic development district in order for the corporation to claim the tax credit.
(b) Tax liability determinations.-- A corporation's tax liability which is attributable to business activity conducted within an economic development district shall be determined by multiplying the corporation's taxable income which is attributable to business activity conducted within the economic development district by the rate imposed for the taxable year and shall be computed, construed, administered and enforced in conformity with this chapter in accordance with all of the following:
(1) If the entire business of the corporation in this state is transacted wholly within the economic development district, the taxable income attributable to business activity within the economic development district shall consist of the state taxable income as determined under this chapter.
(2) If the entire business of the corporation in this state is not transacted wholly within the economic development district, the taxable income of the corporation within the economic development district shall be determined upon the portion of the West Virginia taxable income of the corporation attributable to business activity conducted within the economic development district and apportioned in accordance with subsection (c) of this section.
(c) Income apportionment.-- The taxable income of a corporation which is a qualified business shall be apportioned to the economic development district by multiplying the West Virginia taxable income by a fraction, the numerator of which is the property factor plus the payroll factor plus the sales factor and the denominator of which is three, in accordance with all of the following:
(1) The property factor is a fraction, the numerator of which is the average value of the corporation's real and tangible personal property owned or rented and used within the economic development district during the tax period and the denominator of which is the average value of all the corporation's real and tangible personal property owned or rented and used in this state during the tax period but shall not include the security interest of the corporation as seller or lessor in personal property sold or leased under a conditional sale, bailment lease, chattel mortgage or other contract providing for the retention of a lien or title as security for the sales price of the property.
(2) The payroll factor is a fraction, the numerator of which is the total compensation paid by the corporation in the economic development district during the tax period by the corporation for compensation and the denominator of which is the total compensation paid by the corporation in this state during the tax period. Compensation is paid in the economic development district if:
(i) The employees's service is performed entirely within the economic development district;
(ii) The employee's service is performed both within and outside the economic development district, but the service performed outside the economic development district is incidental to the employee's service within the economic development district; or
(iii) Some of the employee's service is performed in the economic development district and the base of operations or, if there is no base of operations, the place from which the employee's service is directed or controlled is located within the economic development district, or the base of operations or the place from which the employee's service is directed or controlled is not in any location in which some part of the service is performed, but the employee's residence is in the economic development district.
(3) The sales factor is a fraction, the numerator of which is the total sales of the total sales of the corporation in the economic development district during the tax period and the denominator of which is the total sales of the corporation in this state during the tax period. The following shall apply:
(i) Sales of tangible personal property are in the economic development district if the property is delivered or shipped to a purchaser within the economic development district regardless of the F.O.B. point or other conditions of the sale.
(ii) Sales other than sales of tangible personal property are in the economic development district if:
(A) The income-producing activity is performed within the economic development district; or
(B) The income-producing activity is performed both within and outside the economic development district and a greater proportion of the income-producing activity is performed within the economic development district than in any other location, based on costs of performance.
(d) Computation.-- A corporation shall compute its state taxable income in conformity with this chapter with no adjustments or subtractions for economic development district taxable income.
(e) Limitation on amount of credit.-- The credit allowed under subsection (a) of this section shall not exceed the tax liability of the corporation under this chapter for the tax year.
§11-28-13. Local taxes.
Every qualified political subdivision shall exempt, deduct, abate or credit local taxes in accordance with ordinances and resolutions adopted in accordance with section five of this article. Violation of this section shall result in the revocation of the economic development district designation.
§11-28-14. Local sales and services tax.
(a) Exemption. -- A qualified political subdivision shall exempt the sale at retail of services or tangible personal property, other than motor vehicles, to a qualified business for the exclusive use, consumption and utilization of the tangible personal property or service by the qualified business at its facility located within an economic development district from a city or county tax on purchase price. No exemption may be granted for sales occurring on the real property prior to designation of the real property as an economic development district.
(b) Construction contracts. -- For a construction contract performed in an economic development district, the exemption provided in subsection (a) of this section shall only apply to the sale at retail of building machinery and equipment to a qualified business, or to a construction contractor pursuant to a construction contract with a qualified business, for the exclusive use, consumption and utilization by the qualified business at its facility located within the economic development district.
(c) Definitions. -- As used in this section, the following words and phrases shall have the meanings given to them in this subsection:
"Building machinery and equipment" includes distribution equipment purchased for the exclusive use, consumption and utilization within an economic development district facility.
§11-28-15. Real property tax.
(a) General rule. -- A qualified political subdivision shall, by ordinance or resolution, abate one hundred percent of the real property taxation which is not dedicated to a school district on the assessed valuation of real property in an area designated as an economic development district for the period the real property is designated an economic development district beginning on or after the first day of January of the tax years following the date the economic development district is designated. The real property tax abatement located in the economic development district, irrespective of the business activity, if any, made of the realty by its owner. No abatement may be provided to real property within the economic development district prior to designation of the real property as part of an economic development district.
(b) Annual real property report. -- By the thirty-first day of January each calendar year, a qualified political subdivision shall submit to the Department a report listing the address of each real property designated part of an economic development district and its owner of record.
(c) Interest and penalties. -- If the Department or a qualified political subdivision finds that a person claimed an abatement of real property tax to which the person was not entitled under this article, the person shall be liable for the abated taxes and subject to the applicable interest and penalty provisions provided by law.
(d) Calculations for education subsidy for school districts. -- In determining the market value of real property in each school district, the Department of Revenue shall exclude any increase in value above the base value prior to the effect of the abatement of local taxes under this section to the extent and during the period of time that real estate tax revenues attributable to such increased value are not available to the school district for general school district purposes.
§11-28-16. Transferability.
Any exemption, deduction, abatement or credit provided to any person or qualified business under this article is nontransferable and cannot be applied, used or assigned to any other person, business or tax account.
§11-28-17. Recapture.
(a) General rule. -- If a qualified business located within an economic development district has received an exemption, deduction, abatement or credit under this article and subsequently relocates outside of the economic development district during the period the property is designated an economic development district, the business shall refund to the state and the qualified political subdivisions which granted the exemption, deduction abatement or credit, in accordance with the following:
(1) If the qualified business relocates within three years from the date of first locating in the economic development district, seventy-five percent of all the exemptions, deductions, abatements or credits attributed to the qualified business's participation in the economic development district shall be refunded to the state and the qualified political subdivisions.
(2) If a qualified business relocated within four to seven years from the date of first locating in the economic development district, fifty percent of all exemptions, deductions, abatements or credits attributed to the qualified business's participation in the economic development district shall be refunded to the state and the qualified political subdivisions.
(3) If the qualified business was located within a facility operated by a nonprofit organization for food distribution, no exemption, deduction, abatement or credit shall be refunded.
(b) Waiver. -- The Department, in consultation with the Department of Revenue and the qualified political subdivisions, may waive or modify the recapture requirements under this section if the Department determines that the qualified business relocation was due to any of the following:
(1) Natural disaster.
(2) Unforeseen industry trends.
§11-28-18. Delinquent or deficient state or local taxes.
(a) Persons. -- No person may claim or receive an exemption, deduction, abatement or credit under this article unless the person is in full compliance with all state and local tax laws, ordinances and resolutions.
(b) Qualified business. --
(1) No qualified business may claim or receive an exemption, deduction, abatement or credit under this article unless the qualified business is in full compliance with all state and local tax laws, ordinances and resolutions.
(2) No qualified business may claim or receive an exemption, deduction, abatement or credit under this article if any person or business with a twenty percent or greater interest in the qualified business is not in full compliance with all state and local tax laws, ordinances and resolutions.
(c) Later compliance and eligibility. -- A qualified business or a person who owns an interest in a qualified pass-through entity or who owns a qualified business which is a sole proprietorship that is not eligible to claim an exemption, deduction, abatement or credit due to noncompliance with any state or local tax law may become eligible if the qualified business or person subsequently comes into full compliance with all state and local tax laws to the satisfaction of the Department of Revenue or the qualified political subdivisions within the calendar year in which the noncompliance first occurred. If full compliance is not attained by the first day of February of the calendar year following the calendar year during which noncompliance first occurred, then the qualified business or person shall be precluded from claiming any exemption, deduction, abatement or credit for that calendar year, whether or not full compliance is achieved subsequently.
§11-28-19. Code compliance.
(a) General rule. -- A qualified business or person shall be precluded from claiming any exemption, deduction, abatement or credit provided in this article if the qualified business or person owns real property in an economic development district and the real property is not in compliance with all applicable state and local zoning, building and housing laws, ordinances or codes.
(b) Opportunity to achieve compliance.-- A qualified business or a person who owns an interest in a qualified pass-through entity or who owns a qualified business which is a sole proprietorship that is not in compliance under subsection (a) of this section shall have until the thirty-first day of December of the calendar year following designation of the real property as an economic development district to be in compliance in order to claim any state exemptions, deductions, abatements or credits for that year. If full compliance is not attained by the thirtieth-first day of December of that calendar year, the qualified business or person shall be precluded from claiming any exemption, deduction or credit for that calendar year, whether or not compliance is achieved in a subsequent calendar year. A qualified political subdivision may extend the time period in which a qualified business or a person who owns an interest in a qualified pass-through entity or who owns a qualified business which is a sole proprietorship must come into compliance with a local ordinance or building code for a period not to exceed one year if the political subdivision determines that the qualified business or person has made and will continue to make a good faith effort to come into compliance and that an extension will enable the person or qualified business to achieve full compliance. A qualified political subdivision is required to notify the Department of Revenue in writing of all qualified businesses or persons not in compliance with this subsection within thirty days following the end of each calendar year.
§11-28-20. Appeals.
A qualified business or a person who owns an interest in a qualified pass-through entity or who owns a qualified business which is a sole proprietorship shall be deemed to be in compliance with state or local tax for purposes of this chapter if the qualified business or person had made a timely administrative or judicial appeal for a particular tax or has entered into and is in compliance with an authorized deferred payment plan with the Department of Revenue or the qualified political subdivision for that particular tax.
§11-28-21. Certificates.
A business must file the statement required by section six of this article in a manner prescribed by the Department by the thirty-first day of December of each calendar year for which the business claims an exemption, deduction, abatement or credit under this article. No exemption, deduction, abatement or credit may be claimed or received for that calendar year until the business has been issued a certificate under section six of this article.
§11-28-22. Illegal activity.
Funds or other forms of consideration received by a person or business from conducting any type of illegal activity or from gaming shall not be eligible for any of the exemptions, deductions, abatements and credits or any other benefits that are created under this article.
§11-28-23. Rules.
(a) Department.-- In order to administer this article, the Department shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code.
(b) Department of Revenue.-- In order to administer this article, the Department of Revenue shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code.
§11-28-24. Compliance.
A person or qualified business eligible for an exemption, deduction, abatement or credit under this article shall comply with all reporting, filing and compliance requirements of this chapter unless otherwise provided in this article.
§11-28-25. Penalties.
(1) In addition to any penalties authorized by this chapter for violations of that article, the Department of Revenue may impose an additional administrative penalty not to exceed ten thousand dollars for any act or violation of this article relating to state and local taxes, including the filing of any false statement, return or document.
(2) The Department may impose an administrative penalty not to exceed ten thousand dollars for a violation of this article, including the filing of any false statement, return or document.
(b) Criminal penalty.-- In addition to any criminal penalty under this chapter, a person or business that knowingly violates a provision of this article commits a misdemeanor, and upon conviction thereof imprisoned for not more than one year.
§11-28-26. Construction.
This article shall be interpreted to ensure that all provisions relating to state and local tax exemptions, deductions, abatements and credits are strictly construed in favor of the state and qualified political subdivisions.
§11-28-27. Severability.
The provisions of this article are severable. If any provisions of this article or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this article which can be given effect without the invalid provision or application.
§11-28-28. Applicability.
The provisions of this article shall be applied prospectively. No person or business may claim any exemption, deduction, abatement or credit until the person or business becomes qualified under this article and, in the case of a business, receives certification from the Department under section six of this article.
§11-28-29. Effective date.
This article shall take effect on the first day of July, two thousand five.
NOTE: The purpose of this bill is to establish the First Class Economic Development Act, giving tax credits to businesses which invest in revitalizing deteriorated property in cities.