Effective as of June 18, 2009, until December 31, 2017, contingent
only upon DCED's approval of the application for the enhancement of
the Sayre Keystone Opportunity Zone (Keystone Opportunity Expansion
Zone), the following provisions shall apply:
A. Real property
in the Enhanced Area is exempt from property taxes in accordance with the provisions
and limitations hereinafter set forth within the boundaries of the
Enhanced Area in accordance with the Act, such exemption to run from June 18, 2009, until December
31, 2017.
B. The exemption
shall be 100% of the real property taxation on the assessed evaluation
of property within the Enhanced Area.
C. Earned
income and net profits, taxes: Sayre Borough also waives business
gross receipts tax for operations conducted by a qualified business;
earned income received by a resident and/or net profits of a qualified
business received by a resident or nonresident of the Enhanced Area
attributable to business activity conducted within the Keystone Opportunity
Zone (Keystone Opportunity Expansion Zone).
D. The provisions
of the Act not herein enumerated shall, nevertheless, be incorporated
as part of this article.
E. This article
shall become effective June 18, 2009, contingent and conditioned on
the approval by DCED of the application with respect to the Enhanced
Area of the Sayre Keystone Opportunity Zone (Keystone Opportunity
Expansion Zone).