HB 5401 - Economic Development Summary

• Redefines "economic benefits" and "state investment" in economic development programs to include all state funds spent or forgone (grants, tax exemptions, tax refunds, tax credits) rather than limiting to certain categories.

• Delays expiration of the Qualified Defense Contractor and Space Flight Business tax refund program from June 30, 2014 to June 30, 2017.

• Revises local financial support requirements across multiple programs, allowing waivers that reduce requirements to 10% or eliminate them entirely for rural areas of opportunity, brownfield areas, and enterprise zones.

• Modifies payment and approval processes for Quick Action Closing Fund and Innovation Incentive Program, including contract amendments, economic benefit ratio thresholds, and Governor approval procedures for projects over $2 million.

• Appropriates $20 million in State Economic Enhancement and Development Trust Fund and $3.8 million in Economic Development Trust Fund to the Department of Economic Opportunity for fiscal year 2015-2016.