Although this story focuses on the refineries in Marcus Hook, the Pileggi legislation is great news for Chester, depending on how you look at it.
The bill would allow the Department of Community and Economic Development to extend the tax benefits of locating a business in current Keystone Opportunity Zones, along with related areas known as Keystone Opportunity Expansion Zones and Keystone Opportunity Improvement Zones, by up to 10 years...
It’s good news because the old Keystone Opportunity Zone (KOZ) incentives were scheduled to expire in a couple years. Most companies would rather move into a KOZ at the beginning of the incentive period than the end. Now that we have a new 10 years of KOZ incentives, companies should be looking at Chester’s remaining KOZ parcels very favorably.
The bad news is that there are now new KOZ parcels just outside of Chester, so a business may look at one of the 15 new KOZ areas before looking at what’s remaining in Chester. Can and will Chester compete?
The unanswered question I have is whether extending the tax benefits 10 years applies to existing companies like Harrah’s and PPL Park who would have had their tax benefits end in a couple years, earning Chester a sizable increase in tax revenue. Will they now continue to get their existing tax incentives for 10 more years based on this new bill?
Who can answer that question for me?
Click HERE for the story
I think it will apply to thse existing businesses because it's NOT about Chester, it's never been about CHESTER...Pileggi has NEVER BEEN ABOUT CHESTER!!! and this new KOZ area's prove it....I for the life of me can not understand how and WHY the people of this city keep voting him in office....Pileggi give the Herring of this city a couple little insignifucant bobbles of nothing around election time and they vote straight republican....and then nothing, he didn't fight for the school budget, he doesn't fight to help clean up the streets, he does nothing, he used poor miseducated and doesn't want to be informed black people to build his political career and he continues to use them to maintain it...and they just continue to willingly live in ignorance...and Paliggi thrives on it...the KOZ areas outside of the city were the PLAN ALL ALONG....DUH!
ReplyDeleteThe bill would allow the Department of Community and Economic Development to extend the tax benefits of locating a business in current Keystone Opportunity Zones...@DelcotTimes article
ReplyDeleteanything for the better!!!
ReplyDeletehe is doing a good thing. it will come out in the long run
Yes. This is a great opportunity for Chester's Department of Community and Economic Development to extend the tax benefits of locating a business in current Keystone Opportunity Zones. That's why it's good for Chester.
ReplyDeleteWe all look forward to them taking advantage of this unexpected gift from the Senator to sell the unused parcels. To sell them would be a feather in the cap of the new administration. To sell them to companies that employ a lot of people would be the best scenario.
Still unanswered...are the tax benefits extended 10 more years for the businesses who are already in a KOZ zone?
I don't know about the 10 years for existing businesses but I do know for sure that this was NOT a gift from the senator. He get's paid to do a job!
ReplyDeleteA gift is defined as, ‘A thing given willingly to someone without payment.’
ReplyDeleteTo my knowledge, no one lobbied or bribed the senator to tweak the KOZs. In fact, I haven’t heard of any Chester constituents asking him to extend KOZs.
The senator’s JOB pays him to lead the Pennsylvania State Senate; chair the Rules and Executive Nominations Committee; and serve as a member of the Appropriations Committee, for a state that is over 44,000 square miles.
He could be doing his JOB in a whole lot more places than Chester and Marcus Hook.
Our State Rep, whose only responsibility is slightly larger than the combined 6 square miles of Chester and Marcus Hook, isn’t providing those type of legislative gifts.
Politicians don’t have to do anything but get elected. They don’t answer to anyone but us at the ballot box.
If you or your community receives anything from them while they are in office, consider it a gift.