Senate Bill 53 Summary

• County councils may impose a county employment opportunity fee of up to 0.25% on adjusted gross income of nonresident individuals who work in the county.

• Fee revenue must be used for economic development purposes, including paying interest on developer loans, retiring bonds, funding capital projects, and establishing revolving loan funds.

• County councils must adopt ordinances between March 31 and August 1 to impose, increase, decrease, or rescind the fee, which takes effect October 1 of that year.

• Fee revenue is distributed to counties in two semiannual payments (May 31 and November 30), with excess balances allocated to rainy day funds.

• Counties may issue bonds and enter into leases payable from employment opportunity fee revenues, with restrictions preventing rate reductions below levels needed to cover debt service obligations.