Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1602-X.1. Additional extensions

(1) Unless another act of the General Assembly expressly provides for an additional extension of a keystone opportunity zone, keystone opportunity expansion zone or keystone opportunity improvement zone, the department shall approve an application to grant an additional extension for a parcel located within a keystone opportunity zone, keystone opportunity expansion zone or keystone opportunity improvement zone if:

(2) State tax exemptions, deductions, abatements and credits authorized under Chapter 5 of the KOZ Act   3 shall be extended to the parcel for an additional period of 10 years following the expiration date of the existing keystone opportunity zone, keystone opportunity expansion zone or keystone opportunity improvement zone or subzone.

(1) In order to receive approval under subsection (a)(1), the department must receive an application no later than three months prior to the expiration date of the existing zone.

(2) The department, in consultation with the Department of Revenue, shall review the application and, if approved, issue a certification of State tax exemptions, deductions, abatements or credits authorized under Chapter 5 of the KOZ Act for the extended parcel within three months of receipt of the application, subject to the requirements of this section.  If the department determines that all qualifications and requirements under this section and the KOZ Act have been met, a certification for the extension period shall be issued within 90 days of receipt of the application.

(3) The certification under paragraph (2) shall be effective as of the day following the expiration date of the existing zone and shall be effective for an additional period of 10 years.

(1) The department shall issue to each qualified business that is approved as part of the application submitted under subsection (a) a certification as described under section 307 of the KOZ Act.

(2) Each qualified business that fails to meet the requirements under this section shall refund to the Commonwealth the amount of the exemptions, deductions, abatements and credits under Chapter 5 of the KOZ Act which were received by that business during the continuation of the zone.

(1) All continuations shall expire no later than 10 years following the effective date of certification by the department.  Parcels continued under this section shall not be eligible for any additional future continuations.

(2) If the qualified business that is a sole applicant removes itself from the continued parcel or parcels prior to the expiration of the continuation, the continuation shall expire upon the date of departure of that qualified business.

(3) If two or more qualified businesses submit an application under subsection (a) as joint applicants, this subsection shall apply only if all the qualified businesses that are the joint applicants remove themselves from the parcel prior to the expiration of the continuation.  If all the qualified businesses that are the joint applicants remove themselves from the parcel prior to the expiration of the continuation, the continuation shall expire upon the date of departure of the last qualified business.

(4) If the applicant fails to satisfy the commitment made in the agreement as outlined in subsection (a)(1)(v), the continuation granted under this section shall terminate immediately.

(1) This section applies only to existing zones that expire in the years 2028 and 2035.

(2) This section does not apply to exemptions, deductions, abatements or credits authorized under Chapter 7 of the KOZ Act,  5 and the department may not require that the qualified political subdivision in which the continued parcel or parcels are located approve any application submitted under subsection (c).

(3) The exemptions, deductions, abatements or credits authorized under Chapter 5 of the KOZ Act apply only to business activity carried out within the parcel or parcels which are approved for extension.