2008 -- H 7694

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LC01984

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2008

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- DISTRESSED AREAS

ECONOMIC REVITALIZATION ACT

     Introduced By: Representatives Williams, Slater, Segal, Handy, and Ajello

     Date Introduced: February 26, 2008

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 42-64.3-12 of the General Laws in Chapter 42-64.3 entitled

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"Distressed Areas Economic Revitalization Act" is hereby amended to read as follows:

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     42-64.3-12. Applicability to federal enterprise zones and communities. -- Consistent

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with the provisions of this chapter, any company whose state-based operations are within the

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boundaries of a federal enterprise zone or enterprise community shall be deemed eligible to

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qualify for the benefits afforded by this chapter; provided, however, that the benefits shall be

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applicable only to that portion of the company's business which is conducted from within the

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federal enterprise zone or enterprise community. The council may designate a federal enterprise

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zone, enterprise community, or a state enterprise zone upon its expiration after a request by the

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appropriate governing authority. Said designation shall be in addition to the limitations imposed

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by subsection 42-64.3-4(b)

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     SECTION 2. This act shall take effect upon passage.

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LC01984

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- DISTRESSED AREAS

ECONOMIC REVITALIZATION ACT

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     This act would allow the designation of federal enterprise zone, enterprise community, or

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state enterprise upon specific request of a governing authority.

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     This act would take effect upon passage.

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LC01984

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