2018 -- H 7553 | |
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LC004515 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2018 | |
____________ | |
A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT -- MICRO ZONE ECONOMIC | |
REVITALIZATION ACT | |
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Introduced By: Representatives Phillips, Serpa, Morin, Solomon, and Casey | |
Date Introduced: February 09, 2018 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 42 of the General Laws entitled "STATE AFFAIRS AND |
2 | GOVERNMENT" is hereby amended by adding thereto the following chapter: |
3 | CHAPTER 64.33 |
4 | MICRO ZONE ECONOMIC REVITALIZATION ACT |
5 | 42-64.33-1. Short title. |
6 | This chapter shall be known and may be cited as the "Micro Zone Economic |
7 | Revitalization Act." |
8 | 42-64.33-2. Legislative findings. |
9 | The general assembly finds and declares: |
10 | (1) That there are certain distressed areas in this state which are characterized by |
11 | substantial and persistent levels of unemployment; blighted areas; obsolete, dilapidated, and |
12 | abandoned industrial and commercial structures; and, as a consequence, continually shrinking tax |
13 | bases which strain the resources of the communities in which such distressed areas are located; |
14 | (2) That the numerous programs undertaken by the federal government and the state |
15 | during the past two (2) decades to stop the deterioration and stimulate economic activity in these |
16 | distressed areas have, in large part, failed; and |
17 | (3) That it is the public policy of this state to undertake an experimental program in |
18 | distressed areas to stimulate economic revitalization, promote employment opportunities, |
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1 | encourage business development and expansion through the redevelopment of obsolete, |
2 | dilapidated, and abandoned industrial and commercial structures. |
3 | 42-64.33-3. Definitions. |
4 | As used in this chapter: |
5 | (1) "Abandoned structure" means a building that has been forsaken or deserted in whole, |
6 | or in part, for at least two (2) years. |
7 | (2) "Building owner" means an individual, partnership, corporation, limited liability |
8 | company or other entity which is listed in the appropriate municipal records of land evidence as |
9 | the owner of a building, and may include the owner of a leasehold interest with a minimum term |
10 | of fifty (50) years, with respect to which a memorandum of lease has been recorded in the land |
11 | evidence records. |
12 | (3) "Certifiable building" means a building: |
13 | (i) That is either an obsolete structure, dilapidated structure or abandoned structure as |
14 | defined in this chapter; |
15 | (ii) For which no less than forty percent (40%) of the gross square footage shall be used |
16 | for manufacturing or other commercial purposes that are not related to or ancillary to any |
17 | residential use of the building; |
18 | (iii) The use of which conforms to the comprehensive plan and local land use |
19 | management ordinances of the municipality in which the building is located; |
20 | (iv) That is proposed for substantial rehabilitation; |
21 | (v) That has been at a minimum fifty percent (50%) vacant for a minimum of twenty-four |
22 | (24) months at the time of submission by a municipality to the commerce corporation; and |
23 | (vi) That is located within a micro zone. |
24 | (4) "Certified building" means a building with respect to which the commerce |
25 | corporation has issued a written notice of designation as a certified building pursuant to the |
26 | provisions of § 42-64.33-5. |
27 | (5) "Certified building owner" means an individual, partnership, corporation, limited |
28 | liability company or other entity which is listed in the appropriate municipal records of land |
29 | evidence as the owner of a certified building, and may include one or more successors in title to |
30 | the owner of the building at the time the building received written notice of designation as a |
31 | certified building pursuant to § 42-64.33-5. A certified building owner may include the owner of |
32 | a leasehold interest with a minimum term of fifty (50) years, with respect to which a |
33 | memorandum of lease has been recorded in the land evidence records. |
34 | (6) "Commerce corporation" means the Rhode Island commerce corporation created |
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1 | pursuant to § 42-64-4. |
2 | (7) "Dilapidated structure" means a building that has fallen into partial ruin or decay from |
3 | age, wear or neglect. |
4 | (8) "Division of taxation" means the division of taxation of the department of revenue for |
5 | the state. |
6 | (9) "Eligible business" means any for-profit business corporation, sole proprietorship, |
7 | partnership, or limited partnership or limited liability company: |
8 | (i) That is not yet operating or located within the state at the time it submits its initial |
9 | application for certification to the commerce corporation under § 42-64.33-8; |
10 | (ii) That is not substantially similar in operation and in ownership to a business entity |
11 | located within the state that ceased operations within the prior three (3) years or reduced |
12 | employment within the prior year; |
13 | (iii) That has not caused individuals to transfer from existing employment with a related |
14 | person located within the state to similar employment with the business; |
15 | (iv) That is not comprised in whole or in part of the tangible or intangible assets of a |
16 | business entity located within the state that was operating within the prior three (3) years; |
17 | (v) That is located in a certified building after the building has undergone substantial |
18 | rehabilitation; |
19 | (vi) That is engaged principally in manufacturing or other commercial enterprise |
20 | designated by regulation of the commerce corporation as eligible for the benefits of this chapter |
21 | other than the following: |
22 | (A) Retail trade as defined in NAICS codes 44 and 45; |
23 | (B) Wholesale trade as defined in NAICS code 42; |
24 | (C) Accommodations and food services as defined in NAICS code 42; |
25 | (D) Real estate rental and leasing as defined in NAICS code 531110 through 531390; |
26 | (E) Law firms as defined in NAICS codes 541110 through 541199; |
27 | (F) Medical or dental practices as defined in NAICS codes 621111; |
28 | (G) Businesses with less than one hundred (100) employees, providing business |
29 | administrative or support services as defined in NAICS code 41; |
30 | (H) Businesses providing utilities as defined in NAICS code 22; |
31 | (I) Energy production and distribution companies as defined in NAICS code 21; |
32 | (J) Accounting firms as defined in NAICS codes 541211 through 541219; |
33 | (K) Credit intermediation and related activities as defined in NAICS code 522110 |
34 | through 522390; and |
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1 | (L) Businesses providing personal services as defined in NAICS code 81. |
2 | (vii) That obtains certificates of good standing from the division of taxation, the |
3 | corporations division of the Rhode Island secretary of state and a municipal lien certificate |
4 | indicating that all local taxes are current at the time of certification; and |
5 | (viii) That provides the commerce corporation with an affidavit stating under oath that |
6 | the entity seeking certification as a qualified business has not within the preceding twelve (12) |
7 | months from the date of application for certification changed its legal status for the purpose of |
8 | gaining favorable treatment under the provisions of this chapter. |
9 | (10) "Micro zone" means an area of land that is located in and designated by a micro zone |
10 | community as a micro zone subject to the benefits of this chapter. |
11 | (11) "Micro zone community" means a municipality that meets the criteria for eligibility |
12 | in the distressed communities relief fund as set forth in § 45-13-12, at any time during the |
13 | applicability of this chapter without regard to whether the community subsequently does not meet |
14 | such criteria. |
15 | (12) "Municipality" means any city or town within the state, whether now existing or |
16 | hereafter created. |
17 | (13) "NAICS code" means the North American Industrial Classification System code of |
18 | 2012. |
19 | (14) "Obsolete structure" means a building that is outmoded or out of date with respect to |
20 | the building’s construction, design or use. |
21 | (15) "Rehabilitation and reconstruction costs" means and includes only those amounts |
22 | incurred and paid by a certified building owner, after issuance of the notice of designation of the |
23 | building, solely and exclusively for the rehabilitation of the certified building and which are |
24 | incurred and paid by the certified building owner to acquire tangible personal property and |
25 | structural components of the certified building which: |
26 | (i) Are depreciated pursuant to 26 U.S.C. 167; |
27 | (ii) Have a useful life of three (3) years or more as evidenced by the tax depreciation |
28 | method taken and shown on the federal tax return of the certified building owner; |
29 | (iii) Are acquired by purchase as defined in 26 U.S.C. 179(d). Rehabilitation and |
30 | reconstruction costs do not include amounts incurred or paid with respect to tangible personal |
31 | property and structural components of the certified building which the certified building owner |
32 | leases from any other person or corporation. For the purposes of the preceding sentence, any |
33 | contract or agreement to lease or rent or for a license to use the property shall be considered a |
34 | lease unless the contract or agreement is treated for the federal income tax purposes of the |
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1 | certified building owner as an installment purchase rather than a lease; and |
2 | (iv) Are certified to the commerce corporation as meeting the foregoing criteria by a |
3 | Rhode Island licensed certified public accountant. |
4 | (16) "Related person" means a "related person" pursuant to 465(b)(3)(c) of the internal |
5 | revenue code. |
6 | (17) "Substantial rehabilitation" means rehabilitation or reconstruction costs of a certified |
7 | building in a dollar amount that equals or exceeds fifty percent (50%) of the market value of the |
8 | certified building prior to rehabilitation or reconstruction, as said prior market value is determined |
9 | by a Rhode Island licensed and certified appraiser who is independent of the certified building |
10 | owner or owners and their affiliated corporations, and/or any tenants of the certified building and |
11 | their affiliated corporations and who has been approved by the commerce corporation to issue an |
12 | appraisal under this chapter in respect to a particular project. |
13 | 42-64.33-4. Designation of micro zones. |
14 | (a) The legislative body of a micro zone community may designate by ordinance one or |
15 | more areas within the community as a micro zone. Each ordinance shall include a description of |
16 | the boundaries of the area or areas designated as a micro zone. Before passing an ordinance, the |
17 | legislative body, or the committee thereof to which the proposed ordinance has been referred, |
18 | shall give notice of the date, time, place, and purpose of a public hearing or hearings with |
19 | reference to the ordinance. The notice shall be published not less than once a week for three (3) |
20 | successive weeks prior to the hearing in a newspaper of general circulation published in the |
21 | community, or if no newspaper is published in the community, then in a newspaper of general |
22 | circulation in the community. At the public hearing all interested persons or agencies shall have |
23 | an opportunity to be heard and to submit communications in writing. |
24 | (b) Any person, group, association, or corporation may, in writing, petition the legislative |
25 | body to designate one or more areas within the community as a micro zone, and may submit, with |
26 | their petition, plans, showing the proposed redevelopment of those areas or any part or parts of |
27 | the areas. |
28 | 42-64.33-5. Building certification process. |
29 | (a) Subsequent to the creation of a micro zone, any building within such zone shall be |
30 | eligible for consideration by the commerce corporation as a certifiable building, provided that the |
31 | micro zone community has: |
32 | (1) Promulgated local regulations and ordinances to expedite the building permit review |
33 | and approval process required in the municipality for the rehabilitation of certified buildings; |
34 | (2) Promulgated local regulations and ordinances waiving all building permit fees of the |
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1 | municipality for the rehabilitation of certified buildings; |
2 | (3) Entered into a tax stabilization agreement with the building owner applicable to the |
3 | proposed project providing for, at a minimum, stabilization of real property taxes for a period of |
4 | not less than ten (10) years and an exemption for any eligible business occupying a certified |
5 | building from payment of personal property taxes for a ten (10) year period commencing from the |
6 | substantial completion of a certified building or for any project completed in phases, for a ten |
7 | (10) year period from substantial completion of each phase of a certified building; and |
8 | (4) Provided notice to the commerce corporation that the municipality has satisfied the |
9 | requirements of this chapter and designated the building(s) for consideration by the corporation. |
10 | (b) Upon receipt of notice by the commerce corporation from a micro zone community |
11 | that the conditions of § 42-64.33-4(a) have been satisfied, the commerce corporation shall accept |
12 | the application from any building owner(s) designated by the community for determination of a |
13 | project as a certified building. |
14 | (c) Upon receipt of a complete application from a building owner designated by a |
15 | community as provided in this section, the commerce corporation shall undertake consideration |
16 | of such application and if the project meets the criteria of this chapter and such rules or |
17 | regulations promulgated by the commerce corporation in accordance with § 42-64.33-19, the |
18 | corporation, acting by and through its board of directors, shall issue a notice of designation |
19 | qualifying the project as a certified building, and the corporation shall enter into an agreement |
20 | with the building owner to ensure compliance with the requirements of this chapter and related |
21 | rules and regulations promulgated in relation to this chapter. The commerce corporation may |
22 | require such terms and conditions in an agreement with a building owner as it deems advisable in |
23 | its sole discretion, provided that the agreement shall require that a building owner obtain an |
24 | independent appraisal in order to comply with the requirements of § 42-64.33-6. The commerce |
25 | corporation may also impose necessary fees and charges as part of any agreement with a building |
26 | owner to aid in the administration of the provisions of this chapter. |
27 | (d) Notwithstanding anything to the contrary contained in this chapter, the certified |
28 | buildings within any micro zone community shall be limited in accordance with the following: |
29 | (1) In any municipality with a population less than one hundred twenty five thousand |
30 | (125,000) according to the most recent federal census, the total combined land area of all micro |
31 | zones shall not exceed twenty (20) acres and the aggregate square footage of all certified |
32 | buildings within a municipality shall not exceed five hundred thousand (500,000) gross square |
33 | feet. |
34 | (2) In any municipality with a population equal to or greater than one hundred twenty |
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1 | five thousand (125,000) according to the most recent federal census, the total combined land area |
2 | of all micro zones shall not exceed forty (40) acres and the aggregate square footage of all |
3 | certified buildings within a municipality shall not exceed one million (1,000,000) gross square |
4 | feet. |
5 | 42-64.33-6. Certified building rehabilitation. |
6 | (a) A certified building shall be treated as having been substantially rehabilitated only if |
7 | the reconstruction and rehabilitation expenditures incurred during the twenty-four (24) month |
8 | period selected by the certified building owner and ending with or within the taxable year in |
9 | which the rehabilitated certified building is first placed in service by the certified building owner |
10 | meet the definition of "substantial rehabilitation" set forth in § 42-64.33-3(17). For purposes of |
11 | determining whether the requirements of § 42-64.33-3(17) have been met, the market value of the |
12 | certified building shall be determined at the beginning of the first day of such twenty-four (24) |
13 | month period. The certified building owner shall submit to the commerce corporation such |
14 | information as the corporation may require, evidencing to its satisfaction the substantial |
15 | rehabilitation, in accordance with the provisions of this chapter. |
16 | (b) Special rule for phased rehabilitation. In the case of any rehabilitation which may |
17 | reasonably be expected to be completed in phases set forth in architectural plans and |
18 | specifications completed before the rehabilitation begins, the commerce corporation may |
19 | specifically indicate in its notice of designation and agreement with the building owner that the |
20 | project is approved to be completed in phases and in such event, subsection (a) of this section |
21 | shall be applied by substituting "sixty (60) month period" for "twenty-four (24) month period." |
22 | 42-64.33-7. Impact analysis. |
23 | (a) The commerce corporation shall not designate any building as a certified building |
24 | under this chapter until it has first prepared and publicly released an analysis of the impact the |
25 | proposed investment will or may have on the state. The analysis shall be supported by appropriate |
26 | data and documentation and shall consider, but not be limited to, the following factors: |
27 | (1) The impact on the industry or industries in which the applicant will be involved; |
28 | (2) State fiscal matters, including the state budget (revenues and expenses); |
29 | (3) The financial exposure of the taxpayers of the state under the plans for the proposed |
30 | investment and negative foreseeable contingencies that may arise therefrom; |
31 | (4) The approximate number of full-time, part-time, temporary, seasonal and/or |
32 | permanent jobs projected to be created, construction and non-construction; |
33 | (5) Identification of geographic sources of the staffing for identified jobs; |
34 | (6) The projected duration of the identified construction jobs; |
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1 | (7) The approximate wage rates for each category of the identified jobs; |
2 | (8) The types of fringe benefits to be provided with the identified jobs, including health |
3 | care insurance and any retirement benefits; |
4 | (9) The projected fiscal impact on increased personal income taxes to the state of Rhode |
5 | Island; and |
6 | (10) The description of any plan or process intended to stimulate hiring from the host |
7 | community, training of employees or potential employees, and outreach to minority job |
8 | applicants and minority businesses. |
9 | (b) Upon its preparation and release of the analysis required by subsection (a) of this |
10 | section, the commerce corporation shall provide copies of that analysis to the chairpersons of the |
11 | house and senate finance committees, the house and senate fiscal advisors, the department of |
12 | labor and training and the division of taxation. Any such analysis shall be available to the public |
13 | for inspection by any person and shall by published by the tax administrator on the tax division |
14 | website. |
15 | 42-64.33-8. Certification of an eligible business. |
16 | (a) Upon application from a business, the commerce corporation shall make a |
17 | determination as to whether a business meets the criteria set forth in § 42-64.33-3(9) and upon |
18 | determination that such criteria have been satisfied, the commerce corporation shall issue a |
19 | certification designating the applicant as an eligible business under this chapter and may require |
20 | the applicant, upon approval, to enter into an agreement with the commerce corporation to ensure |
21 | compliance with the provisions of this chapter. The commerce corporation may require such |
22 | terms and conditions in an agreement with an eligible business as it deems advisable in its sole |
23 | discretion. The commerce corporation may also impose necessary fees and charges as part of any |
24 | agreement with an eligible business to aid in the administration of the provisions of this chapter. |
25 | (b) Annually, an eligible business shall submit a renewal application to the commerce |
26 | corporation for the purposes of allowing the corporation to confirm the continuing eligibility of |
27 | such business for the benefits of this chapter. |
28 | (c) If a business loses its eligibility for the benefits of this chapter either by reason of its |
29 | failure to meet the criteria set forth in this chapter or the failure to submit a renewal application, |
30 | the commerce corporation shall provide notice to the taxing authority of the municipality in |
31 | which such business is located of the loss of designation as an eligible business. |
32 | 42-64.33-9. Incentives for certified building owner. |
33 | (a) A certified building owner shall be exempt from state sales tax of any kind on any |
34 | personal property, including fixtures, furnishings or equipment, which is acquired and used in the |
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1 | construction and development of the owner's certified building. |
2 | (1) The total sales tax exemption benefit to a certified building owner under this chapter |
3 | shall be implemented through a reimbursement process as determined by the division of taxation |
4 | rather than an up-front purchase exemption; and |
5 | (2) The sales tax benefits shall only apply to materials used in the construction, |
6 | reconstruction or rehabilitation of the certified building and to the acquisition of furniture, |
7 | fixtures and equipment, except automobiles, trucks or other motor vehicles, or materials that |
8 | otherwise are depreciable and have a useful life of one year or more, for the project for a period |
9 | not to exceed six (6) months after receipt of a certificate of occupancy for any given phase of the |
10 | project for which sales tax benefits are utilized. |
11 | (b) All fees for any permit required by any state statute, rule, regulation or otherwise by |
12 | any department, agency or instrumentality of the state in relation to the substantial rehabilitation |
13 | of a certified building ordinarily due from a building owner are hereby waived. |
14 | (c) A certified building owner shall not be eligible for historic preservation tax credits |
15 | available under chapter 33.6 of title 44. |
16 | 42-64.33-10. Incentives for an eligible business. |
17 | (a) An eligible business shall be exempt from state sales tax of any kind on any personal |
18 | property, including fixtures, furnishings or equipment, which is acquired and used in the |
19 | operation of the eligible business located in a certified building that has been substantially |
20 | rehabilitated. |
21 | (1) The total sales tax exemption benefit to an eligible business under this chapter shall |
22 | be implemented through a reimbursement process as determined by the division of taxation rather |
23 | than an up-front purchase exemption; and |
24 | (2) The sales tax benefits shall only apply to materials used in the outfitting of the rented |
25 | space occupied by the eligible business in the certified building and to the acquisition of furniture, |
26 | fixtures and equipment, except automobiles, trucks or other motor vehicles, or materials that |
27 | otherwise are depreciable and have a useful life of one year or more, for a period not to exceed |
28 | six (6) months after the date upon which the eligible business first occupies the rented space in |
29 | the certified building; provided, that an expansion of business operations by an eligible business |
30 | within a certified building shall entitle the eligible business to the benefit of this provision for a |
31 | period not to exceed six (6) months from the date upon which the eligible business first occupies |
32 | additional rented space in the certified building. |
33 | (b) The income derived by an owner from an eligible business operating within a certified |
34 | building that has been substantially rehabilitated shall be exempt from taxation under title 44 for a |
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1 | period not to exceed ten (10) years commencing as of January 1 of the year in which the eligible |
2 | business receives a certification under § 42-64.33-8; provided, however, that the exemption |
3 | provided hereunder shall expire and no longer be available after December 31, 2033. |
4 | 42-64.33-11. Interest income. |
5 | (a) The interest income derived by any person from any loan extended to a certified |
6 | building owner for the acquisition or reconstruction of a certified building shall be exempt from |
7 | taxation under title 44 until the earlier of January 1, 2034 or ten (10) years from the date upon |
8 | which such loan was first extended to the certified building owner. |
9 | (b) The interest income derived by any person from any loan extended to an eligible |
10 | business operating solely within a certified building that has been substantially rehabilitated shall |
11 | be exempt from taxation under title 44 until the earlier of January 1, 2034 or ten (10) years from |
12 | the date upon which such loan was first extended to the eligible business. |
13 | 42-64.33-12. Exemption or stabilization of taxes. |
14 | Notwithstanding the provisions of any municipal charter or any other general, special or |
15 | local law to the contrary, real property taxes for a certified building and tangible property taxes of |
16 | the owner(s) of a certified building or any owner(s) of an eligible business for tangible property |
17 | used in the certified building may be exempted from payment, in whole or in part, |
18 | notwithstanding the valuation of the property or the rate of tax, by vote of the city or town council |
19 | to the extent deemed appropriate by the city or town council to carry out the purposes of this |
20 | chapter. This section shall be construed to provide a complete, additional and alternative authority |
21 | for the city or town council to grant exemption or stabilization of real or tangible property taxes |
22 | with respect to certified buildings and the tenants thereof, and the granting of tax exemption or |
23 | stabilization by the city or town council under the provisions of this section does not require the |
24 | taking of any other proceedings or the happening of any condition, except for the vote of the city |
25 | or town council. |
26 | 42-64.33-13. Expedited permit process. |
27 | Any building considered for certification under this chapter shall, at the election of the |
28 | building owner, receive consideration as a project of critical economic concern as that term is |
29 | defined in § 42-117-3(3) and shall be entitled to the benefits of chapter 117 of title 42. |
30 | 42-64.33-14. Expiration. |
31 | This chapter shall terminate and be of no further effect on January 1, 2030, unless the |
32 | chapter is extended by action of the general assembly. |
33 | 42-64.33-15. Coordination with existing programs. |
34 | To the maximum extent possible, the directors of the departments of administration, |
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1 | business regulation, labor and training, environmental management, human services, |
2 | transportation, and the Rhode Island housing and mortgage finance corporation shall provide |
3 | special assistance to the zones. This shall include, but not be limited to: |
4 | (1) Expedited processing; |
5 | (2) Priority funding; |
6 | (3) Program set asides; and |
7 | (4) Provision of technical assistance in furtherance of the public policy enunciated in § |
8 | 42-64.33-2. |
9 | 42-64.33-16. Examination of taxpayer's records. |
10 | The tax administrator and their agents, for the purpose of ascertaining the correctness of |
11 | any tax benefit claimed under the provisions of this chapter, may examine any books, papers, |
12 | records, or memoranda bearing upon the matters required to be included in the return, report, or |
13 | other statement, and may require the attendance of the person executing the return, report, or |
14 | other statement, or of any officer or employee of any taxpayer, or the attendance of any other |
15 | person, and may examine the person under oath respecting any matter which the tax administrator |
16 | or their agent deems pertinent or material in determining the eligibility for the benefit claimed. |
17 | 42-64.33-17. Penalties. |
18 | Any taxpayer or employee, officer or agent of any taxpayer that willfully fails to comply |
19 | with the provisions of this chapter or otherwise submits false or misleading information shall be |
20 | guilty of a felony and upon conviction shall be fined an amount not more than three (3) times the |
21 | amount of the tax benefit received by the taxpayer, or imprisoned not more than one year, or both. |
22 | 42-64.33-18. Revocation of certification. |
23 | (a) The commerce corporation shall have the power to revoke the certification of any |
24 | building certified under this chapter or revoke the eligibility of any business determined as an |
25 | eligible business under this chapter for failure to comply with this chapter, the regulations |
26 | promulgated in accordance with this chapter, or any agreement entered into by any building |
27 | owner or eligible business with the commerce corporation. |
28 | (b) In the event the commerce corporation revokes any certification issued under this |
29 | chapter, the person or entity whose eligibility has been revoked shall be liable to the state for all |
30 | the tax benefits granted hereunder, plus interest, as determined in § 44-1-7, calculated from the |
31 | date the person or entity first received the tax benefits. |
32 | 42-64.33-19. Additional rules and regulations. |
33 | (a) The division of taxation shall promulgate appropriate rules and regulations to ensure |
34 | the proper administration of the taxation provisions of this chapter. |
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1 | (b) The commerce corporation shall promulgate appropriate rules and regulations to |
2 | ensure the proper administration of this chapter. |
3 | 42-64.33-20. Severability. |
4 | If any provision of this chapter or the application of any provision of this chapter to any |
5 | person or circumstances is held invalid, the invalidity shall not affect the other provisions or |
6 | applications of the chapter which can be given effect without the invalid provision or application, |
7 | and to this end the provisions of this chapter are declared to be severable. |
8 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT -- MICRO ZONE ECONOMIC | |
REVITALIZATION ACT | |
*** | |
1 | This act would create micro zones in distressed areas to stimulate economic |
2 | revitalization, employment opportunities, and business development through the redevelopment |
3 | of obsolete, dilapidated and abandoned industrial and commercial structures. |
4 | This act would take effect upon passage. |
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