Legislative Session number- 85

Bill Name: HF3599

HF 3599

FIRST ENGROSSMENT

JOBZ provisions modified, reporting requirements and
tax credit provided, tax benefits allowed, and terms defined.

ARTICLE 1 -- JOBZ
REQUIREMENTS

Section 1: Targeted rural opportunity community language is
provided.

Section 2: Qualified business language is modified.

Section 3:
State review criteria language is modified.

Section 4: Business subsidy
agreements; reports language is provided.
Subdivision 1. JOBZ business subsidy
agreement.
Subdivision 2. Business subsidy agreement requirements.
Subdivision
3. Standard agreement.
Subdivision 4. Business subsidy reports.
Subdivision 5.
Public notice and hearing.

Section 5: Duration limit language is modified.


Section 6: Revisor's Instructions are provided.

Section 7: Repealer language
is provided.

ARTICLE 2 -- JOBZ TAX PROVISIONS

Section 1: Repayment of tax
benefits by businesses that no longer operate in a zone language is modified.

Subdivision 1. Repayment obligation.
Subdivision 1a. Repayment obligation of
businesses not operating in zone.
Subdivision 2. Definitions.
Subdivision 3.
Disposition of repayment.
Subdivision 4. Repayment procedures.
Subdivision 5.
Waiver authority.
Subdivision 6. Reconciliation.

Sec. 2. Breach of Agreements
by Businesses that continue to operate in zone language is provided.

Section
3: Prohibition against amendments to business subsidy agreement.

Section 4:
Certification of continuing eligibility for JOBZ benefits language is
provided.

ARTICLE 3 -- STATE AUDITOR AND JOBZ

Section 1: Use of data language
is provided.

Section 2: Disclosure to legislative auditor and state auditor
language is provided.

Section 3: Report of job opportunity zone benefits;
penalty for failure to file report language is provided.

Section 4: State
Auditor; audits of job opportunity building zones and business subsidy
agreements language is provided.

ARTICLE 4 -- REGIONAL EMERGING BUSINESS
INVESTMENT TAX CREDIT

Section 1: Regional emerging business investment tax
credit language is provided.
Subdivision 1. Definitions.
Subdivision 2. Credit
allowed.
Subdivision 3. Qualifying regional investment fund requirements.

Subdivision 4. Certification of funds.
Subdivision 5. Fund
requirements.
Subdivision 6. Limitations.
Subdivision 7. Statement of credit
share.
Subdivision 8. Carryover.
Subdivision 9. False applications.

Section
2: Regional emerging business investment tax credit language is provided. A
taxpayer is allowed a credit as determined under section 116J.8746 against the
tax imposed by this chapter." Effective date is also provided.

SNA 3/10/08