[Adopted 8-11-1999 by Ord. No. 1108]
Real property tax in the proposed Keystone Opportunity Zone is exempt in accordance with the provisions and limitations hereinafter set forth within the boundaries of the proposed Keystone Opportunity Zone in accordance with the Act for a period of 12 years, commencing January 1, 1999.
Editor's Note: See the Keystone Opportunity Zone Act, 73 P.S. § 820.101 et seq.
The exemption shall be 100% of the real property taxation on the assessed valuation of property within the proposed Keystone Opportunity Zone.
Milton Borough also waives business gross receipts tax for operations conducted by a qualified business, earned income received by a resident and/or net profits of a qualified business received by a resident or nonresident of the proposed Keystone Opportunity Zone attributable to business activity conducted within the proposed Keystone Opportunity Zone.
The provisions of the Act not herein enumerated shall, nevertheless, be incorporated as part of this article by reference.
This article shall become effective immediately upon January 1, 1999, contingent and conditioned only upon the prior approval by the Department of Community and Economic Development (DCED) of the application with respect to the proposed Keystone Opportunity Zone.