Section 820.307 - Qualified businesses(a) Qualifications.--In order to qualify each year for a tax exemption, deduction, abatement or credit under this act, a business shall own or lease real property in a subzone, improvement subzone or expansion subzone from which the business actively conducts a trade, profession or business. The qualified business shall receive certification from the department that the business is located and is in the active conduct of a trade, profession or business, within the subzone, improvement subzone or expansion subzone. The business shall obtain annual renewal of the certification from the department to continue to qualify under this section. The certification form shall include, but not be limited to, all of the following: (1) The type and duration of the zone designation.(2) The number of jobs created.(3) The number of jobs retained.(4) The amount of capital investment.(5) Any other information, conditions or requirements reasonably required by the department.(b) Relocation.--Any business that relocates from outside a subzone, improvement subzone or expansion subzone into a subzone, improvement subzone or expansion subzone shall not receive any of the exemptions, deductions, abatements or credits set forth in this act unless that business does one of the following:(1) increases full-time employment by at least 20% in the first full year of operation within the subzone, improvement subzone or expansion subzone;(2) makes a capital investment in the property located within the subzone, improvement subzone or expansion subzone at least equivalent to 10% of the gross revenues of that business in the immediately preceding calendar or fiscal year; or(3) enters into a lease agreement for property located within the subzone, improvement subzone or expansion subzone: (i) for a term at least equivalent to the duration of the subzone, improvement subzone or expansion subzone; and(ii) with aggregate payment under the lease agreement at least equivalent to 5% of the gross revenues of that business in the immediately preceding calendar or fiscal year. The department, in consultation with the Department of Revenue, may waive or modify the requirements of this subsection, as appropriate.
Amended by P.L. 183 2012 No. 16, § 3, eff. 2/14/2012.1998, Oct. 6, P.L. 705, No. 92, § 307, imd. effective. Amended 2000, Dec. 20, P.L. 841, No. 119, § 4, imd. effective; 2002, Dec. 9, P.L. 1727, No. 217, § 4, imd. effective; 2003, Dec. 23, P.L. 360, No. 51, § 5, imd. effective.