SB 1066 Summary

• Replaces Standard Industrial Classification (SIC) codes with North American Industrial Classification System (NAICS) codes throughout economic development statutes to modernize business classification references.

• Updates pharmaceutical manufacturing facility tax exemptions from SIC codes 2833-2834 to NAICS codes 325411-325412 and extends eligibility for extended assessment periods if facility has 1,000+ full-time employees.

• Modifies communications establishment property tax abatement eligibility to use specific NAICS codes (515111, 515112, 515120, 515210, 517110, 517410) instead of SIC major group 48.

• Expands manufacturing facility and service facility definitions to include airport development zones and establishes clearer eligibility requirements based on economic base business classifications and NAICS codes.

• Increases qualified business employee threshold from 50 to 100 employees and adds dislocated workers and displaced homemakers to entrepreneurial training program eligibility.

• Adds development research and economic assistance matching grant program assessment to required strategic plan reviews and clarifies small business incubator grant purposes.