CS for SB 800 - Economic Development

• Authorizes municipalities to exempt public service taxes on electrical energy, natural gas, and propane for eligible users in opportunity zones beginning July 1, 2023, with municipalities required to notify the Department of Revenue within 14 days of ordinance adoption.

• Provides sales tax exemptions for building materials used in rehabilitation of real property located in opportunity zones, refundable through application to local governing bodies with a maximum refund of $7,500 or 97% of taxes paid.

• Establishes a rural opportunity tax refund program for qualified target industry businesses in rural communities, allowing refunds equal to $6,000 per job created, with refunds drawn from the Economic Development Incentives Account.

• Modifies rural development programs by reducing regional economic development grant matching requirements from 25% to 15%, increasing Rural Infrastructure Fund grants to 75-100% of project costs, and eliminating local match requirements for certain grants.

• Effective July 1, 2022.