The Economic Development Bill (H4820) seeks to lay the foundation for attracting new companies to the Commonwealth by consolidating agencies working to attract business to the Commonwealth. A consolidated agency - a one-stop-shop - will make it easier for businesses looking to expand or relocate here to get the information they need.
The sales tax holiday permitted in the legislation would be on August 14th and 15th and will encourage consumers to shop at local businesses across the state.
The bill also includes a number of technical provision intended to assist business, including manufacturing, construction, high-tech and biotech, financial services, and venture capital.
To measure the performance of the initiatives, the bill creates an office of performance measurement which would develop performance metrics for all public and quasi-public entities engaged in economic development.
The bill is now in conference committee where differences between the House and Senate bills will be ironed out before the bill is signed by the Governor.
