The state House approved a bill extending the Keystone Opportunity Zone and Keystone Opportunity Expansion Zone programs, but it covers only properties that are unoccupied or deteriorated.

The bill does not extend tax deferments for already-developed KOZ and KOEZ properties, which are set to expire at the end of 2011 and 2013 respectively.

The bill extends the programs for properties that were designated KOZ or KOEZ but were never developed. It also allows for new zone designations, provided the property is either vacant or blighted, and that development occurs within seven years. The duration for new zones would be 10 years.

The bill also puts other restrictions on KOZ-related designations. Under it, parcels must be at least 10 acres and no larger than 350 acres, unless they’re contiguous to existing zones. The bill, which was the subject of a four-hour floor debate Tuesday, passed Wednesday, 126-72.
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