Legislative Session number- 85

Bill Name: SF3115

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
(rt)