HB0606 Summary: Jobs Creation Finance Act

• Creates the Jobs Creation Finance Act allowing municipalities to designate job creation project areas (up to 80 acres) and provide tax incentives to businesses that undertake qualifying projects in those areas.

• Establishes three benefit levels (A, B, C) based on municipality population and number of full-time equivalent jobs created, ranging from real estate tax increment alone to comprehensive tax increments including state sales tax and income tax credits.

• Requires municipalities to establish a Jobs Creation Finance Fund to receive and manage incremental tax revenues (real estate, sales, utility, hotel, and telecommunications taxes) for payment of project costs and obligations.

• Authorizes municipalities to issue bonds and other obligations secured by the Jobs Creation Finance Fund, requiring public hearings and convening joint review boards consisting of affected taxing districts to review and provide non-binding recommendations on plans.

• Mandates annual reporting to the State Comptroller, Department of Revenue, and taxing districts including financial statements, compliance certifications, property transactions, and audits once cumulative deposits reach $100,000.