SB 14-042: Business Incentive Agreement Term Limits

• Eliminates the 10-year maximum term limit on business incentive agreements between local governments and taxpayers paying business personal property tax.

• Grants county boards of commissioners, municipal governing bodies, and special district boards discretion to determine agreement terms for new business facilities, facility expansions, and relocation-risk scenarios.

• Applies to counties, municipalities, and special districts negotiating incentive payments or credits with qualifying taxpayers.

• Retains existing restrictions that annual incentive payments cannot exceed business personal property taxes levied on the respective facility.

• Takes effect August 6, 2014, unless subject to referendum petition, in which case it requires voter approval at the November 2014 general election.