Enterprise Zone Act

The act establishes an enterprise zone program under which a municipality or county may designate a qualifying area within its jurisdiction as an enterprise zone for a set period, and may nominate businesses operating there for certification as qualified businesses or for state designation as enterprise projects. Designated businesses become eligible for a package of state and local benefits — refunds of state and local sales and use taxes tied to an allocation of eligible jobs and subject to a maximum, tax abatement and tax increment financing, development bond and industrial development corporation financing, reduction or elimination of local fees and taxes, favorable disposition of public property, and exemption from or suspension of certain state and local regulatory requirements. Administration is divided between the nominating local governing body, which must adopt an ordinance or order identifying local incentives, designate a liaison, and supply required information, and the state, which reviews applications, coordinates with other governmental entities, reports periodically on the program and on refunds granted, and monitors whether designated businesses meet the commitments on which their designation was based.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.