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FOR IMMEDIATE RELEASE |
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State
Rep. Cherelle Parker |
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Parker proposal to expand business development part of budget agreement
Lawmaker says legislation is part of Rebuild PA, enhances economic development opportunities
HARRISBURG, July 3 – Legislation that mirrors a proposal offered by state Rep. Cherelle Parker, D-Phila., that would expand business and economic development opportunities for communities across Pennsylvania passed the House today as part of the state's 2008-09 budget package.
As the final pieces of the budget agreement fell into place, members of the House passed the measure (S.B. 1412), which would extend and expand the life of the Keystone Opportunity Zone program, the state's tax abatement law that is a component of the state's larger economic stimulus package and Rebuild PA initiative.
Parker said KOZ has been highly successful in creating and retaining tens of thousands of jobs and generating nearly $7 billion in economic development opportunities since its inception in 1999.
"The economy is one of the major issues on the minds of Pennsylvanians as we continue to fight through a weak national economy," Parker said. "Here in Pennsylvania, we have been able to weather much of the storm, mainly because of innovative and successful initiatives like KOZ. In order to protect the progress we have made, and keep the Commonwealth moving forward, we needed to expand programs that are working and invest in our communities."
Specifically, the legislation extends the tax abatement period for existing KOZ land for another seven to 10 years, which, according to Parker, would continue the state's investment in retooling old and abandoned industrial sites and preparing them for quality business development.
"It's a win-win proposal because it is good for our communities and great for our economy," she said. "Right now we have almost a dozen substantial economic development projects statewide simply waiting for us to extend this program, which could bring in an additional $1 billion in capital investment and help rebuild deteriorating sites across our Commonwealth. I am proud to have played a part in moving this initiative forward."
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