HF2695 - Omnibus Jobs Bill Summary

• Small Business Investment Tax Credit: Establishes a 25% tax credit for qualified investors investing minimum $10,000 (or $30,000 for pooled funds) in certified small businesses engaged in high-technology fields; allocates $11-12 million annually through 2014 with a sunset in 2014.

• Historic Structure Rehabilitation Credit: Allows tax credits equal to 100% of federal credits for rehabilitating certified historic structures, or grants of 90% of federal credit amounts; includes refundable credit and sunset after 2015.

• Energy Improvement Financing Program: Authorizes local governments to establish voluntary financing programs for property owners to pay for energy improvements through special assessments and revenue bonds with 20-year maximum terms.

• Tax Increment Financing Expansions: Creates compact development districts with 25-year duration limits, establishes temporary authority to stimulate construction projects through 2011, and adds qualified green building and sustainable design projects as eligible uses.

• Job Opportunity Building Zones: Designates automotive recovery zones with specialized tax incentives and creates $2,500 per-employee jobs credit for qualified businesses; includes various local economic development provisions and Bloomington Mall of America financing authority.