HF 3599

FIRST ENGROSSMENT

JOBZ provisions modified, reporting requirements and tax credit provided, tax benefits allowed, and terms defined.

ARTICLE 1 -- JOBZ REQUIREMENTS

Section 1: Targeted rural opportunity community language is provided.

Section 2: Qualified business language is modified.

Section 3: State review criteria language is modified.

Section 4: Business subsidy agreements; reports language is provided.
Subdivision 1. JOBZ business subsidy agreement.
Subdivision 2. Business subsidy agreement requirements.
Subdivision 3. Standard agreement.
Subdivision 4. Business subsidy reports.
Subdivision 5. Public notice and hearing.

Section 5: Duration limit language is modified.

Section 6: Revisor's Instructions are provided.

Section 7: Repealer language is provided.

ARTICLE 2 -- JOBZ TAX PROVISIONS

Section 1: Repayment of tax benefits by businesses that no longer operate in a zone language is modified.
Subdivision 1. Repayment obligation.
Subdivision 1a. Repayment obligation of businesses not operating in zone.
Subdivision 2. Definitions.
Subdivision 3. Disposition of repayment.
Subdivision 4. Repayment procedures.
Subdivision 5. Waiver authority.
Subdivision 6. Reconciliation.

Sec. 2. Breach of Agreements by Businesses that continue to operate in zone language is provided.

Section 3: Prohibition against amendments to business subsidy agreement.

Section 4: Certification of continuing eligibility for JOBZ benefits language is provided.

ARTICLE 3 -- STATE AUDITOR AND JOBZ

Section 1: Use of data language is provided.

Section 2: Disclosure to legislative auditor and state auditor language is provided.

Section 3: Report of job opportunity zone benefits; penalty for failure to file report language is provided.

Section 4: State Auditor; audits of job opportunity building zones and business subsidy agreements language is provided.

ARTICLE 4 -- REGIONAL EMERGING BUSINESS INVESTMENT TAX CREDIT

Section 1: Regional emerging business investment tax credit language is provided.
Subdivision 1. Definitions.
Subdivision 2. Credit allowed.
Subdivision 3. Qualifying regional investment fund requirements.
Subdivision 4. Certification of funds.
Subdivision 5. Fund requirements.
Subdivision 6. Limitations.
Subdivision 7. Statement of credit share.
Subdivision 8. Carryover.
Subdivision 9. False applications.

Section 2: Regional emerging business investment tax credit language is provided. A taxpayer is allowed a credit as determined under section 116J.8746 against the tax imposed by this chapter." Effective date is also provided.

SNA 3/10/08