State Coordination of Regional and Local Economic Development Projects Amendments

Summary

The bill defines new types of development zones—such as home‑ownership promotion zones, regionally significant development zones, housing‑and‑transit reinvestment zones, first‑home villages, and large‑load data‑center zones—and sets procedures for their creation, funding, and reporting. It limits the use of tax‑increment incentives for large data centers, creates a State Reinvestment Restricted Account, and outlines how local authorities may use property‑tax differentials and other revenues. The measures aim to better coordinate economic‑development projects while increasing transparency and fiscal control.

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