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DT311
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S T A T E   O F   R H O D E   I S L A N D

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 1997
__________

A N   A C T

RELATING TO ECONOMIC DEVELOPMENT ZONES

Introduced By: Representatives Barr, Menard, Winfield and Montalbano
Date Introduced: February 4, 1997
Referred To: House Committee on Finance

It is enacted by the General Assembly as follows

SECTION 1. {ADD The cities and towns are hereby authorized with the approval of the general assembly to designate within their borders real estate development zones. The commercial owners of real estate therein shall be eligible for an abatement of all sales taxes on all construction and renovation materials purchased to improve existing retail establishments. Retail companies within the zone may retain twenty-five percent (25%) of sale taxes collected within the zone for reinvestment within the zone and/or to subsidize new realtors. ADD}

SECTION 2. This act shall take effect upon passage.

EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
AN ACT
RELATING TO ECONOMIC DEVELOPMENT ZONES

* * *

This act allows city and towns, with the approval of the general assembly to establish real estate economic development zones. Retail establishments within the tax would be eligible for certain tax incentives.

The act would take effect upon passage.


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