Bill > SB2816

This bill expands the State Enterprise Zone Program by broadening the definition of "eligible business activity" to include certain research and development in areas like aerospace technology, as well as information technology design and production services, and also specifically includes medical and health care services and various biotechnology products. It introduces the concept of an "innovation enterprise," defined as an area on state-owned property supporting businesses in fields such as biomedical research, medical technology, aerospace, and information technology. Furthermore, the bill empowers the Department of Business, Economic Development, and Tourism (DBEDT) to designate up to two census tracts containing such innovation enterprises as enterprise zones, subject to the Governor's approval, in addition to the existing county-based designation process. Finally, DBEDT is required to conduct a comprehensive review of the entire Enterprise Zone Program, in consultation with the Department of Taxation, and report its findings to the Legislature by early 2027, with the changes set to take effect in the year 3000.