[Ord. 2004-5, 4/19/2004]
Real property in the proposed KOZ (Keystone Opportunity Zone)
is exempt from property taxes in accordance with the provisions and
limitations hereinafter set forth within the boundaries of the proposed
KOZ in accordance with the Act,[1] such exemption to run from January 1, 2004, until December
31, 2010.
[1]
Editor's Note: According to the preamble of Ord. No. 2004-5,
the "Act" refers to the Pennsylvania Keystone Opportunity Zone and
Keystone Opportunity Expansion Act, as amended by Act 217 of 2002.
(See 73 P.S. § 820.101 et seq.) The preamble also lists
the tax parcel numbers within the proposed KOZ Zone and refers to
Exhibit A which depicts the proposed KOZ. A complete copy of the ordinance
and Exhibit A are on file in the Borough offices.
[Ord. 2004-5, 4/19/2004]
The exemption shall be 100% of the real property taxation on
the assessed evaluation of property within the Proposed KOZ.
[Ord. 2004-5, 4/19/2004]
Earned income and Net Profits Taxes: The Borough of Watsontown
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 KOZ attributable to business activity conducted with
the Keystone Opportunity Zone.
[Ord. 2004-5, 4/19/2004]
The provisions of the Act not herein enumerated, shall, nevertheless,
be incorporated as part of this Part 5 by reference.
[Ord. 2004-5, 4/19/2004]
This Part shall become effective January 1, 2004, contingent
and conditioned on the approval by DCED of the application with respect
to the Proposed Keystone Opportunity Zone.
