HB3141 Summary

• Creates the Jobs Incentive Fund as a special fund in the State Treasury to be administered by the Department of Commerce and Economic Opportunity for grants to qualified business applicants.

• Establishes eligibility criteria for grants requiring applicants to demonstrate financial viability, a complete business plan, and projects that produce net positive expansion of the State's economic base.

• Ranks eligible applicants based on eight factors including likelihood of success, number and quality of jobs created, economic impact, capital investment level, industry development, environmental contribution, and local supplier effects.

• Defines "qualified employee" as positions paying at least $20,000 annually and "qualified capital investment" as at least $500,000 expended within 3 years for construction, equipment, and infrastructure improvements.

• Redirects unclaimed property funds by depositing the first $2,500,000 over the $2,500,000 trust fund threshold into the Jobs Incentive Fund, with remaining amounts going to the State Pensions Fund beginning April 15 and October 15 each year.