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This legislation establishes two new local property tax exemptions intended to function as incentives for economic development. A municipality may grant either exemption to a business in conjunction with a comprehensive plan for the development of economically distressed areas proposed by the community and approved by the newly created Economic Assistance Coordinating Council (EACC).
Economically distressed areas are referred to in the legislation as economic target areas (ETAs); those parts of an ETA that are suitable for commercial or industrial development can be designated as economic opportunity areas (EOAs). Real estate projects within an EOA are eligible for the exemptions, but only one of the exemptions can be granted to any particular parcel.