Senate Bill 584 Summary

• Amends chapters 67 and 144 to create tax incentives and project development authority for data storage centers engaged in data processing, hosting, internet publishing, or telecommunications transmission services.

• Authorizes municipalities to carry out technology business facility projects, accept grants and donations, and enter into loan agreements or lease arrangements with private entities for facility components, with option for nominal monetary consideration if project creates economic benefits.

• Exempts lease or rental transactions of project components from local sales tax; leasehold interests are not subject to property taxes, but payments in lieu of taxes are distributed to affected taxing entities proportionally.

• Creates 100% state and local sales and use tax exemptions for new data storage centers with at least $37 million investment over 36 months and 30 new jobs at 150% of county average wage, valid for up to 15 years.

• Provides similar tax exemptions for expanding existing facilities with at least $5 million net new investment over 12 months and 5 new jobs at 150% of county average wage, valid for up to 10 years, with exemptions capped at projected net fiscal benefit to state over 10 years.