This legislation adds the promotion of trade, commerce, and employment opportunities, including business retention, attraction, expansion, creation and workforce development to the list of eligible redevelopment costs under the Redevelopment Powers Law.

This legislation expands the ability to obtain state income tax credits for businesses in less developed areas.  Under current law, census tracts next to federal military installations with a 15% or greater poverty rate in the 2010 census are eligible.  HB 767 would expand this to apply to census tracts next to federal military installations with a 15% or greater poverty rate in the 2000 or 2010 census.  

 

This legislation allows businesses that located in areas next to federal military installations that had a 15% or higher poverty rate before the 2010 census, but have since been redrawn out of that census tract to still qualify for income tax credits.

This legislation allows the development authority board of directors to delegate the authority to fix the final interest rate on bonds, notes or other obligations up to a maximum rate established by the board.

This legislation amends the Urban Redevelopment Law by replacing "slum" with "blight" in the law. The bill also adds definitions for the terms blight and blighted areas.

This legislation removes the requirement that counties with a population of 800,000 or more may only hold their bond referenda at the general election in November.

This legislation requires development authorities to submit quarterly reports to the board of commissioners and the board of education about any new projects being considered by the development authority, any progress on existing projects and any other information that would assist the board of commissioners in developing its plans for the needs of the county. The reports would not be required to include any time sensitive or confidential information. The quarterly reports are exempt from the open records law.

This legislation would provide property tax exemptions, occupation tax exemption, regulatory fee exemption and business inspection fee abatement or reduction to businesses with 20 full time employees and a retail inventory of $1 million that locate in an enterprise zone.  Under current law, these exemptions are only provided to businesses with 5,000 employees that create at least 10 new full time jobs.