[from Senator Robbins' newsletter] A measure intended to promote new economic development and job creation in
the Commonwealth received final legislative approval Tuesday and is headed to
the Governor for his signature and enactment into law.
Senate Bill 1237 authorizes the designation of 15 new Keystone Opportunity Expansion Zones (KOEZ) of up to 350 acres each. The parcels must be deteriorated, underutilized or unoccupied. Parcels may be occupied by a qualified business if the business creates or retains at least 1,000 full-time jobs within three years of designation and makes a capital investment of at least $500 million within three years of designation.
The bill allows the designation to be for 15 years instead of 10 if the business invests at least $1 billion and creates at least 400 new permanent full-time jobs within 7 years of the date of designation.
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