Why this county law exists for enterprise zones

The council finds that the State of Hawai‘i, through chapter 209E, Hawai‘i Revised Statutes, and chapter 6 of title 15, Hawai‘i Administrative Rules, has established procedures for the designation of enterprise zones for the purpose of stimulating business and industrial growth. Pursuant to said chapter and rules, qualified businesses in enterprise zones shall be entitled to the following State incentives: a seven-year exemption from general excise taxes on gross proceeds from all business conducted within an enterprise zone; an eighty percent income tax abatement the first year, decreasing ten percent each year thereafter over the next six years; and an income tax credit in an amount equal to eighty percent of the unemployment taxes paid during the first year, decreasing ten percent each year thereafter over the next six years. The council further finds that the County may nominate up to six enterprise zones for designation by the governor. Following designation of the nominated enterprise zone or zones, the State will accept applications from qualified businesses interested in participating in the enterprise zone program. The purpose of this chapter is to set forth County procedures for the nomination, designation, amendment, provision of County incentives, and other requirements for enterprise zones. (1994, ord 94-8, sec 1.)31-1