1ERelating to economic development

ARTICLE 1 - JOBZ REQUIREMENTS

Defining targeted rural opportunity community to include cities or towns with population loss or a higher than average unemployment rate; specifying state review criteria for commissioner of employment and economic development (DEED) approval of business subsidy agreements; requiring job opportunity building zone (JOBZ) business subsidy agreements to comply with certain agreement requirements; requiring written commissioner approval and specifying conditions required for commissioner approval; requiring standard agreement development by the commissioner, local government unit business subsidy reports on progress and public notice and hearing; allowing JOBZ qualified businesses and targeted rural opportunity communities tax benefits treatment the same year of agreement signature and into the future for a certain time period, specifying exclusions; repealing the JOBZ applicant definition

ARTICLE 2 - JOBZ TAX PROVISIONS

Modifying conditions for repayment of JOBZ tax benefits by businesses no longer operating in a zone; defining persons receiving benefits without operating a business in a zone to include certain benefits claimants and certain property owners; modifying tax required to be repaid determination conditions; requiring the commissioner of employment and economic development (DEED) to waive repayment under specified conditions; defining breach of agreements by businesses continuing to operate in zone; prohibiting business subsidy agreement amendments; requiring annual business certification to the commissioner of revenue; requiring commissioner of revenue notification to DEED commissioner of noncompliant businesses and businesses failing to file

ARTICLE 3 - STATE AUDITOR AND JOBZ

Authorizing the disclosure of certain data by the commissioner of revenue to the state auditor for the purpose of conducting audits of job opportunity building zones (JOBZ); requiring qualified businesses to file annual reports by a certain date of JOBZ tax benefits with the commissioner of revenue; specifying certain notice requirements; imposing penalties for failure to file reports

ARTICLE 4 - REGIONAL EMERGING BUSINESS INVESTMENT TAX CREDIT

Providing a tax credit for regional emerging business investments; specifying qualifying regional investment fund requirements; requiring application to the commissioner of employment and economic development (DEED) for fund certification; specifying fund requirements, limitations, statement of credit share, carryover and false application consequences
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