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Committee hears constitutional proposal to authorize local economic development districts and tax exemptions
Summary
Representative Beatty presented House Joint Resolution 1014, a constitutional amendment to authorize the General Assembly to create "economic development districts."
Representative Beatty presented House Joint Resolution 1014, a constitutional amendment to authorize the General Assembly to create "economic development districts." The resolution would permit designated geographic areas within cities, counties or cooperative areas to issue bonds, receive loans or grants, have property tax exemptions (except taxation levied by the district itself), and allow political subdivisions to provide funding or lend credit to districts.
Sponsor testimony emphasized that the amendment is an enabling…
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