Tax Credits for Investment in Rural Communities
What changed between versions
Added definition of 'rural community' with specific population thresholds (75,000 or less for counties, 25,000 or less for incorporated rural cities with economic distress factors).
Changed 'Eligible investment' definition to explicitly require principal business operations in a rural community unless waived.
Added requirement that eligible investments must be in businesses with principal operations in a rural community, unless waived by the department.
Added requirement for applicants to provide evidence of at least $100 million invested in nonpublic companies in counties with population under 75,000.
Added requirement for applicants to submit a business plan with revenue impact assessment prepared by a nationally recognized third-party firm.
Added requirement for rural funds to submit annual reports with specific job and salary information.
Added provision allowing the department to waive rural area requirements if investment provides substantial benefit to rural areas and advances economic growth.
Added specific deadlines for department actions (30 days for approval/denial, 15 days for reconsideration, 180 days for correction of violations).
