Vote Smart's Synopsis:

Vote to amend and pass a bill that requires a resolution/notice if the government contests property values.

Highlights:

• Defines "Eligible agreement" means an agreement approved by the tax credit authority (Sec. 122.17-S.1).

• Classifies "Megaproject" as a project in this state that meets all of the following requirements (Sec. 122.17-10):

• The project requires unique sites, extremely robust utility service, and a technically skilled workforce;

• The megaproject operator of the project compensates the project's employees at an average hourly wage of at least three hundred per cent of the federal minimum wage under 29 U.S.C. 206, exclusive of employee benefits, at the time the tax credit authority approves the project for a credit; or

• The project satisfies either of the following:

• The megaproject operator makes at least one billion dollars; or

• The megaproject operator creates at least seventy-five million dollars

• Authorizes the construction of new structures and the remodeling of existing structures are hereby declared to be a public purpose for which exemptions from real property taxation may be granted for the following periods (Sec. 3735.67.D):

• For every dwelling and commercial or industrial properties, located within the same community reinvestment area, upon which the cost of remodeling is at least two thousand five hundred dollars in the case of a dwelling containing not more than two family units or at least five thousand dollars in the case of all other property, a period to be determined by the legislative authority adopting the resolution, but not exceeding fifteen years; and

• The period of exemption for construction of a commercial or industrial structure may be extended by a legislative authority for up to an additional fifteen years if the structure is situated on the site of a megaproject or is owned and occupied by a megaproject supplier.

• Requires the tax credit authority shall annually determine a withholding adjustment factor to be used in the computation of income tax revenue for eligible agreements. The withholding adjustment factor shall be a numerical percentage that equals the percentage that employer income tax withholding rates have been increased or decreased as a result of changes in the income tax rates (Sec. 122.17-S.2).

• Requires the director of development services shall notify the tax commissioner if the director determines that a megaproject operator or megaproject supplier is not in compliance with the agreement (Sec. 122.17-T).

Full Bill Text