TO CREATE THE FREE MARKET ZONES ACT; AND TO EXEMPT A BUSINESS LOCATED IN AN OPPORTUNITY ZONE FROM THE INCOME TAX, THE CORPORATE FRANCHISE TAX, AND THE ELECTIVE PASS-THROUGH ENTITY TAX.

House Bill 1216, known as the Free Market Zones Act, aimed to provide specific tax exemptions for businesses. The bill proposed to exempt businesses that locate in an opportunity zone on or after the act's effective date from certain state taxes. These businesses would be relieved from paying the state income tax, corporate franchise tax, and the elective pass-through entity tax.