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FOR IMMEDIATE RELEASE |
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Rep. Peter
J. Daley |
  
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House approves major expansion of business development zones
HARRISBURG, May 7– Commerce Committee Chairman Rep. Peter J. Daley, D-Washington/Fayette, said today that the state House passed a significant expansion of the Keystone Opportunity Zone program, part of Gov. Rendell’s economic stimulus effort to alleviate the affects of a weakening economy.
House Bill 2297, introduced by Rep. Cherelle Parker, D-Philadelphia, initially proposed the extension of tax abatements in some unused acreage of existing KOZs around the state, and addition of new zones in seven counties that currently have none.
Daley, with Parker’s support, sponsored a major amendment to the bill to provide 350 new acres of KOZ authority for every county in the state, and to allow small expansions of existing zones where that would stimulate the existing effort.
Daley also collaborated with Rep. Frank Dermody, D-Allegheny, to include language to create a zone extension around a major specialty steel maker, ATI, that will result in a new investment of at least $750,000,000 over the next three year.
"The KOZ program has been one of the most effective and useful tools in luring new business investment and industrial development to the Commonwealth," said Daley.
Daley expedited the measure through the House Commerce Committee with unanimous support. It passed the full House of Representatives by a vote of 126-72.
The bill is also endorsed by the state's top economic development official, Department of Community and Economic Development Secretary Dennis Yablonsky.
The Rendell administration is trying to fast track a variety of new or renewed economic incentives to counter the slowing national economy’s impact on the state.
"With the passage of this legislation, DCED anticipates an immediate stimulatory effect for the Commonwealth," said Daley. "The net economic effect of these identified projects is nearly 7,000 new or retained jobs and creation of over a billion dollars of new capital investment."
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CONTACT: Destiny Zeiders House Democratic Communications Office |