SB 14-183 Summary

• Increases maximum term for business incentive agreements entered into by counties, municipalities, and special districts with taxpayers paying business personal property tax from 10 years to 35 years for agreements made on or after August 6, 2014.

• Applies the 35-year maximum term limit to new business facilities, expansions of existing facilities, and existing business facility incentive agreements under revised statutes 30-11-123, 31-15-903, and 32-1-1702.

• Specifies that the 35-year limit does not include the term of any prior agreement, allowing new agreements to be added to existing incentive periods.

• Maintains existing limits for agreements made prior to August 6, 2014, preserving previously negotiated terms up to 10 years (or 4 years for early agreements before June 3, 2002).

• Takes effect August 6, 2014, subject to referendum petition provisions requiring voter approval in November 2014 if challenged within the 90-day period following adjournment.