HB 5358 Summary

• Replaces outdated Standard Industrial Classification codes with North American Industrial Classification System (NAICS) codes throughout economic development statutes for manufacturing facilities, service facilities, and eligible businesses.

• Extends property tax assessment exemptions for pharmaceutical manufacturing facilities (NAICS 325411, 325412) with at least 1,000 full-time employees by an additional five years, provided employees were not relocated from other state facilities.

• Allows municipalities to abate up to 100% of property taxes for communications establishments with specified NAICS codes (515111, 515112, 515120, 515210, 517110, 517410).

• Removes reporting requirement for development research and economic assistance matching grant program and revises small business incubator program to provide grants directly to small businesses for operational assistance and services.

• Expands entrepreneurial training program to include dislocated workers and displaced homemakers; modifies energy conservation loan repayment procedures and housing fund accounting.