Sub. H.B. 182 - Summary

• Consolidates JEDD creation procedures by streamlining sections 715.72-715.81 into a single comprehensive section (715.72) with updated requirements for contracts, public hearings, and petition processes for creating joint economic development districts.

• Exempts nonprofit microloan intermediaries from property tax by allowing organizations selected by the Federal Small Business Administration as intermediary lenders in the Federal Microloan Program to claim property tax exemptions on real property used for small business lending and economic development.

• Lowers income tax refund contribution threshold from $150,000 to $150,000 (maintaining threshold but clarifying "five consecutive calendar years" language) for maintaining "check-off" options on income tax returns for charitable contributions.

• Extends municipal reporting deadline to December 31, 2016 for computing fiscal effects of net operating loss deductions changes, allowing additional time for municipal corporations to evaluate revenue impacts.

• Modifies New Markets Tax Credit investment criteria by allowing qualified equity investments where the seventh year requirement is adjusted to 75% of cash purchase price (from 85%), expanding eligible investment opportunities in low-income communities.