Revises provisions relating to certain transferable tax credits and certain tax abatements. (BDR 32-826)

SB 385 requires businesses applying for certain tax credits or property tax abatements to agree to a workforce development plan. This plan must be created with educational institutions and lead to recognized credentials or skills for employees. The Office of Economic Development can investigate compliance with these plans and requires businesses to repay the full tax benefit plus interest if they fail to meet the plan's requirements. The law applies only to new applications submitted on or after July 1, 2025.