It is the purpose of this chapter to establish a program of providing tax incentives for the creation of economic impact zones in order:

1. (1) to revitalize economically and physically distressed areas impacted as a result of the closing or realignment of a federal military installation area, primarily by encouraging the formation of new businesses and the retention and expansion of existing businesses;
2. (2) to promote meaningful employment for economic impact zone residents; and
3. (3) to encourage individuals to reside in the economic impact zones in which they are employed.