§ 42-64.14-21. Sunset.
(a) The provisions of § 42-64.14-9, I-195 redevelopment district life sciences jobs incentives program shall sunset on December 31, 2021. If an eligible life sciences company that was established in the district and participated in the life sciences jobs incentive program on or before December 31, 2021, maintained the qualifications to be certified with the commission, then the tax credits acquired by the company shall remain valid for ten (10) years from the date of qualification.
(b) The provisions of this chapter shall sunset when one hundred percent (100%) of the properties have been developed and sold or twenty-one (21) years from the date of enactment, whichever is earlier. All authority vested in the commission shall dissolve and all local and state authority granted to the commission in §§ 42-64.14-7 and 42-64.14-8 shall revert to the appropriate state or municipal authority. In the event that the commission retains ownership in properties at the time of sunset the ownership of said parcels shall revert to the commerce corporation and any leases of parcels shall transfer and be held by the corporation. All procedures to dissolve the commission shall be in accordance with § 42-64-7.3.
History of Section.
P.L. 2011, ch. 245, § 3; P.L. 2011, ch. 267, § 3.