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