The state Senate Community, Economic and Recreational Development Committee has reported to the full Senate legislation that would update the current requirements and tax eligibility for the City Revitalization and Improvement Zone (CRIZ) program, said bill sponsor, Sen. Dan Laughlin (R-49).
“The CRIZ program has been used to successfully redevelop old, abandoned properties while creating jobs and generating millions in local revenue for several Pennsylvania municipalities,” said Laughlin. “Senate Bill 1014 will make needed improvements to the program that will build on that success.”
A CRIZ is an area of up to 130 acres, comprised of parcels designated by a contracting authority, which provides economic development and job creation opportunities within a political subdivision. State and local taxes collected within the CRIZ are used to repay debt service to stimulate economic development projects within the CRIZ.
SB1014 seeks to add requirements of the CRIZ authority board members, include insurance premiums tax as an eligible tax under the program and clarify current procedures for transferring parcels in and out of a zone.
“I have long seen the value of the CRIZ program and been an ardent advocate of a CRIZ designation in the City of Erie,” said Laughlin. “State tax dollars resulting from local economic development expansion would be directly returned to the community for reinvestment, helping to revitalize that community, restoring it to being a great place to live and work. The program has proven successful for cities like Lancaster, Bethlehem and Tamaqua, and it would be just as effective in Erie and elsewhere, particularly with the program changes contained within SB1014.”
For more state-related news and information, constituents can visit Laughlin’s website at www.senatorlaughlin.com or follow him on Facebook and Twitter @senatorlaughlin.
