An Act Establishing The 7/7 Program To Encourage The Redevelopment Of Brownfields And Underutilized Property.
The bill has significant implications for the state's economic landscape. Eligible property owners, defined as '7/7 participants', can receive tax credits based on the amount of business operations conducted on these redeveloped sites. This tax relief extends for up to seven years, encouraging prolonged investment in local economic activities. Additionally, the bill mandates that these property redevelopments be accompanied by a commitment to employ a certain percentage of workers from local educational institutions, thereby enhancing local workforce development and training opportunities.
SB00623 establishes the 7/7 Program aimed at incentivizing the redevelopment of brownfields and underutilized properties in the state. This initiative is designed to provide business owners with tax advantages related to their investments in sites that have been abandoned or underused for at least a decade. By fostering the transformation of these properties, the bill seeks to stimulate local economies, improve community aesthetics, and promote environmental remediation. The law is structured to take effect on July 1, 2017, with tax benefits applicable to income years commencing on or after January 1, 2017.
Sentiment around SB00623 appears to be generally positive among stakeholders who prioritize economic growth and environmental restoration. Proponents argue that the bill not only incentivizes reviving distressed properties but also aligns with broader sustainability goals. However, there may be some apprehension regarding how effectively the program will operate in terms of real investment and job creation, particularly if anticipated funding and support do not materialize as expected.
Notable points of contention include the eligibility criteria for property owners and the mechanism for tracking the program's success. There is a concern from community advocates that prioritizing tax incentives could overshadow the health and environmental assessments necessary for safe redevelopment. Additionally, critics may argue whether the state's focus on tax breaks is the optimal strategy for revitalizing local economies compared to direct investments in community initiatives.