HB 2814 Summary

• Establishes rural economic development improvement programs in Arizona counties with populations under 800,000 and eligible cities/towns, allowing them to designate program areas for infrastructure projects.

• Requires projects to meet minimum capital investment thresholds in fixed assets ($1 million to $25 million depending on location and population size) and create employment positions paying at least 100% of county median wage.

• Program designations are valid for 10 years or until infrastructure investments are recouped, with a renewal process available in the final year.

• Certifies qualifying projects as class six property and assesses them at full cash value, providing property tax incentives; certification ends if property ownership changes.

• Adds class six property classification under Arizona Revised Statutes section 42-12006 for rural economic development projects certified by the Arizona Commerce Authority.