HB 905 Summary

• Adds "capital investment" as a new definition to the qualified target industry business tax refund program, including both real and personal property.

• Authorizes manufacturing businesses (NAICS codes 31, 32, 33) to receive tax refund payments of $3,000 for every $30,000 in capital investment, capped at $500,000 per project.

• Requires applicants to propose at least $500,000 in capital investment or meet established job creation and wage requirements to qualify for review by the Office of Tourism, Trade, and Economic Development.

• Expands the "expansion of an existing business" definition to include net increases in capital investment of at least 10 percent, not just employment increases.

• Updates application requirements to include proposed capital investment amounts and revises references to target industry definitions across multiple related tax credit and economic development programs.