Borough of Summit Hill, PA Article V Keystone Opportunity Expansion Zone Exemption

[Adopted 2-12-2001 by Ord. No. 4-2001]

§ 438-23 Real property exempt if within Zone boundaries.

Subject to the terms and conditions of the Act, the Borough hereby exempts from real property taxation all real property located within the boundaries of the Keystone Opportunity Zone[1] in accordance with the Act for a period of 12 years, commencing January 1, 2001, such exemption to consist of 100% of the real property taxation on the assessed valuation of real property located within the Keystone Opportunity Zone.

[1] Editor's Note: Exhibit A, which originally followed this article, is on file in the Borough offices.

§ 438-24 Exemption period.

Subject to the terms and conditions of the Act, the Borough hereby exempts for a period of 12 years, commencing January 1, 2001:

A. Taxation on business gross receipts for operations conducted by a qualified business located within the Keystone Opportunity Expansion Zone.

B. Taxation on earned income received by a resident of the Keystone Opportunity Expansion Zone attributable to business activity conducted within the Keystone Opportunity Expansion Zone; and/or

C. Taxation on net profits of a qualified business received by a resident or nonresident of the Keystone Opportunity Expansion Zone attributable to business activity conducted within the Keystone Opportunity Expansion Zone.

§ 438-25 Incorporation by reference.

The provisions of the Act not herein enumerated shall, nevertheless, be incorporated as part of this article by reference.

§ 438-26 Effective date.

This article shall become effective on and retroactive to January 1, 2001, contingent and conditioned upon the approval of DCED of the application with respect to the Proposed Keystone Opportunity Expansion Zone.