SB 761 Enterprise Zone Act.
Elmo G. Cross, Jr. | all patrons    ...    notes
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Enterprise Zone Act. Increases the number of authorized zones from 25 to 50. The existing sales tax exemption for firms in the zones would continue only for firms designated as “qualified business firms” prior to July 1, 1995. Any locality may have up to three zones, except rural localities which may have two zones, one of which can be divided into two areas.

Eligibility for the business income tax credit is based on (i) establishing a new business within an enterprise zone or (ii) an existing business increasing the average number of full-time employees by at least 10 percent over the higher of the preceding two years' employment levels. Forty percent of a business firm's employees must either have incomes below 80 percent of the median income for the jurisdiction or be residents of the zone. Effective for taxable years 1996 through 2005, a 30 percent refundable tax credit (up to $125,000) is available to qualified zone residents for certain improvements to real property made in enterprise zones. The maximum amount available for both credits per fiscal year is $5 million.

Business firms which invest over $100 million and create at least 200 full-time permanent positions are eligible for a five percent investment tax credit in lieu of the other available credits. The maximum amount available for this credit per fiscal year is $3 million.

A grant incentive program is established for business firms creating new permanent full-time positions in enterprise zones. The job creation incentive gives a firm a grant for each permanent full-time position in excess of 110 percent of the number of positions that a firm had in either of the two preceding years. Firms will be eligible for job creation grants in three-year periods. After a three-year grant eligibility period expires, a firm may qualify for additional three-year grant periods, though the threshold limit increases to 120 percent of the base number. A firm must have at least five full-time employees to qualify for the hiring grants. The grants will be for $1,000 for each employee who is a resident of the enterprise zone, and $500 for each nonresident employee. A firm will not be eligible for more than $100,000 of job creation grants in any year. Job creation grants will be paid from a new Enterprise Zone Grant Fund, which will be funded by appropriations from the General Assembly.

An enterprise zone designation shall be terminated if no business firms in such zone have qualified for benefits within a five-year period.

Full text:
01/16/95  Senate: Presented & ordered printed LD3179637  pdf
02/02/95  Senate: Committee substitute printed LD3212637-S1  pdf
02/06/95  Senate: Floor substitute printed LD3252611-S2 (Bell)  pdf
02/21/95  Senate: Conference substitute printed LD5762637-S3  pdf
03/13/95  Senate: Bill text as passed Senate and House (SB761ER)  pdf
04/12/95  Senate: Reenrolled bill text (SB761ER)  pdf
04/18/95  Governor: Acts of Assembly Chapter text (CHAP0792)  pdf

Senate amendments rejected
Conference amendments
Governor's recommendation

01/16/95  Senate: Presented & ordered printed LD3179637
01/16/95  Senate: Referred to Committee on Commerce and Labor
01/23/95  Senate: Reported from Commerce and Labor (14-Y 0-N)
01/23/95  Senate: Rereferred to Finance
02/02/95  Senate: Reported from Finance with substitute (14-Y 0-N 1-A)
02/02/95  Senate: Committee substitute printed LD3212637-S1
02/03/95  Senate: Constitutional reading dispensed (40-Y 0-N)
02/03/95  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/06/95  Senate: Passed by for the day
02/06/95  Senate: Floor substitute printed LD3252611-S2 (Bell)
02/07/95  Senate: Read second time
02/07/95  Senate: Reading of substitute waived
02/07/95  Senate: Committee substitute agreed to (22-Y 18-N) LD3212637-S1
02/07/95  Senate: VOTE: COMMITTEE SUBSTITUTE (22-Y 18-N)
02/07/95  Senate: Committee substitute reconsidered (39-Y 0-N)
02/07/95  Senate: VOTE: RECONSIDER (39-Y 0-N)
02/07/95  Senate: Committee substitute agreed to (21-Y 18-N) LD3212637-S1
02/07/95  Senate: VOTE: COMMITTEE SUBSTITUTE (21-Y 18-N)
02/07/95  Senate: Passed by temporarily
02/07/95  Senate: Reading of amendments waived
02/07/95  Senate: Floor amendments rejected (Trumbo) (20-Y 20-N)
02/07/95  Senate: VOTE: FLOOR AMENDMENT (20-Y 20-N)
02/07/95  Senate: Chair voted nay
02/07/95  Senate: Engrossed by Senate - comm. sub. LD3212637-S1
02/07/95  Senate: Constitutional reading dispensed (40-Y 0-N)
02/07/95  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/07/95  Senate: Passed Senate (37-Y 2-N)
02/07/95  Senate: VOTE: PASSAGE (37-Y 2-N)
02/07/95  Senate: Rec. of passage agreed to by Senate (38-Y 0-N)
02/07/95  Senate: VOTE: RECONSIDER (38-Y 0-N)
02/07/95  Senate: Passed Senate (35-Y 3-N)
02/07/95  Senate: VOTE: PASSAGE (35-Y 3-N)
02/07/95  Senate: Communicated to House
02/08/95  House: Placed on Calendar
02/09/95  House: Read first time
02/09/95  House: Referred to Committee on Appropriations
02/14/95  House: Reported from Appropriations (14-Y 0-N)
02/14/95  House: Referred to Committee on Finance
02/14/95  House: Reported from Finance with amds. (22-Y 0-N)
02/14/95  House: Read second time
02/14/95  House: Constitutional reading dispensed
02/14/95  House: Committee amendments agreed to
02/14/95  House: Engrossed by House as amended
02/14/95  House: Passed House with amendments (Block Vote) (100-Y 0-N)
02/14/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/14/95  Senate: Reading of amendments waived
02/14/95  Senate: House amendments rejected by Senate (1-Y 35-N)
02/14/95  Senate: VOTE: CONCUR HOUSE AMENDMENT (1-Y 35-N)
02/14/95  House: House insisted on amendments
02/14/95  House: House requested conference committee
02/14/95  Senate: Senate acceded to request (38-Y 0-N)
02/14/95  Senate: VOTE: ACCEDE TO REQ. FOR CONF. (38-Y 0-N)
02/14/95  Senate: Conferees appointed by Senate
02/14/95  Senate: Senators: Cross, Holland, E.M., Stosch
02/14/95  House: Conferees appointed by House
02/14/95  House: Delegates: Brickley, Copeland, Rhodes
02/20/95  House: Conference report agreed to by House (97-Y 0-N)
02/20/95  House: VOTE: ADOPTION (97-Y 0-N)
02/21/95  Conference: House amendments rejected by conference committee
02/21/95  Senate: Conference substitute printed LD5762637-S3
02/21/95  Conference: Amended as sub. by conference committee LD5762637
02/21/95  Senate: Reading of conference report waived
02/21/95  Senate: Conference report agreed to by Senate (40-Y 0-N)
02/21/95  Senate: VOTE: ADOPT CONFERENCE REPORT (40-Y 0-N)
03/13/95  Senate: Bill text as passed Senate and House (SB761ER)
03/15/95  Senate: Enrolled
03/15/95  Senate: Signed by President
03/16/95  House: Signed by Speaker
03/27/95  Senate: Governor's recommendation received by Senate
04/05/95  Senate: Senate concurred in Gov's recommendation (40-Y 0-N)
04/05/95  Senate: VOTE: ADOPT GOV. RECOMMEND. (40-Y 0-N)
04/05/95  Senate: Title replaced
04/06/95  House: House concurred in Gov's recommendation (97-Y 0-N)
04/06/95  House: VOTE: ADOPTION (97-Y 0-N)
04/06/95  Governor: Governor's recommendation adopted
04/06/95  Senate: Reenrolled
04/06/95  House: Signed by Speaker as reenrolled
04/06/95  Senate: Signed by President as reenrolled
04/06/95  House: Enacted, Chapter 792 (effective 7/1/95)
04/12/95  Senate: Reenrolled bill text (SB761ER)
04/18/95  Governor: Acts of Assembly Chapter text (CHAP0792)