Real property tax in the proposed Keystone Opportunity
Zone is exempt in accordance with the provisions and limitations hereinafter
set forth within the boundaries of the proposed Keystone Opportunity
Zone in accordance with the Act for a period of 12 years, commencing January 1, 1999.
The exemption shall be 100% of the real property
taxation on the assessed valuation of property within the proposed
Keystone Opportunity Zone.
Milton 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 proposed Keystone Opportunity
Zone attributable to business activity conducted within the proposed
Keystone Opportunity Zone.
The provisions of the Act not herein enumerated
shall, nevertheless, be incorporated as part of this article by reference.
This article shall become effective immediately
upon January 1, 1999, contingent and conditioned only upon the prior
approval by the Department of Community and Economic Development (DCED)
of the application with respect to the proposed Keystone Opportunity
Zone.