HB1490 Summary

• Amends definitions and eligibility requirements for economic development incentives, including updating industry classification codes from 2003 to 2017 and lowering out-of-state sales revenue thresholds from 75% to 51% for certain business categories.

• Modifies wage requirements for various incentive programs, reducing some threshold percentages (e.g., from 175% to 150% for technology-based enterprises) while clarifying wage calculations and thresholds across different tiers.

• Extends key deadlines and timelines including changing financial incentive agreement periods from 60 months to 5 years and expanding certain extension periods from 24 months to 4 years for payroll and investment thresholds.

• Revises tier system provisions to allow counties experiencing severe economic distress from business closures to move down (rather than up) one tier, with protections for businesses with existing agreements.

• Restructures incentive combination rules for targeted businesses, permitting combinations of specific programs (investment credits, sales tax refunds, payroll rebates, and research credits) while maintaining certain prohibitions against combining incompatible incentives.