SB 379 Summary

• Extends the maintenance cost eligibility period for acquired parcels from 5 years to 12 years after acquisition and removes title insurance and survey costs from the exclusion list for acquisition costs.

• Increases the annual tax credit cap from $20 million to $30 million, with a total aggregate limit of $95 million after August 28, 2013, and extends the authorization period from August 28, 2013 to August 28, 2019.

• Changes tax credit filing frequency from annually to quarterly and allocates 50% of annual credits each to large redevelopment areas (300+ acres with specific characteristics) and other eligible project areas.

• Allows applicants to own 150 contiguous acres (separated by public rights-of-way) in large redevelopment areas and includes newly defined large redevelopment areas as eligible project locations.

• Modifies treatment of issued tax credits in cost-benefit analyses to ensure they are considered when evaluating other economic incentives but are not counted as applicant costs.