TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SPECULATIVE DEVELOPMENT PROJECT; AND TO REQUIRE CONCURRENT FINANCIAL INCENTIVE AGREEMENTS UNDER THE CONSOLIDATED INCENTIVE ACT OF 2003.

SB 465 would amend the Consolidated Incentive Act of 2003 to allow developers of "speculative development projects" to qualify for state and local sales and use tax refunds. A speculative development project is defined as a basic structure of at least 100,000 square feet, built for eventual sale or lease, requiring a minimum investment of $25 million. The bill also requires that if a qualified business seeks multiple financial incentive agreements for the same project under the Act, these agreements must be executed within 24 months of each other. This affects developers and businesses seeking various state incentives for large-scale, pre-leased or pre-sold construction projects.