Relating to certain tax credits and assistance awarded by the economic development authority, and including effective date provisions

This bill relates to certain tax credits and assistance awarded by the economic development authority.52. The bill caps the aggregate amount of these tax credits at $10 million. The bill changes the maximum amount of tax credits that may be issued in a year to a natural person and the person’s spouse or dependant, or for equity investments in any one qualifying business, from a calendar year basis to a fiscal year basis. The bill provides for tax incentives for eligible businesses in rural communities. “Rural community” is defined in the bill as a city located in this state with a population of 30,000 or less in a county with a population of 50,000 or less. If the rural community is located in more than one county, the rural community is considered to be located in the county that has the greatest taxable base within the city. The tax incentives are based upon the number of jobs created or retained that pay at least 110 percent of the qualifying wage threshold and the amount of the qualifying investment. The tax incentives are based upon a schedule as detailed in the bill.335B. The bill directs the authority to adopt rules to administer the high quality jobs program. The bill takes effect upon enactment.