SPONSOR: Christ
This bill establishes "earnings tax opportunity zones." Such opportunity zones, as described in the bill, shall correspond to existing federal census tracts described as "distressed communities."
Beginning January 1, 2024, the following types of income shall be exempt from the city earnings tax:
1) Salaries, wages, commissions, and other compensation earned by any resident of an earnings tax opportunity zone;
2) Salaries, wages, commissions, and other compensation earned by any person who earns salaries, wages, commissions, and other compensation for work done or services performed or rendered in an earnings tax opportunity zone;
3) Net profits of associations, businesses, or other activities conducted by any person in an earnings tax opportunity zone; and
4) Net profits earned by all corporations as the result of work done or services performed or rendered and business or other activities in an earnings tax opportunity zone.
If a distressed community that is found within an opportunity zone imposes a city earnings tax, that distressed community shall publish and maintain an updated map of earnings tax opportunity zones on its website and shall provide a copy of such map upon request.
Statutes affected: