The bill amends the Consolidated Incentive Act of 2003 to introduce a sales and use tax refund specifically for speculative development projects. It defines a "speculative development project" as a construction or modernization effort that involves at least $25 million in investment and provides a minimum of 100,000 square feet of usable space. Additionally, the bill establishes that if a qualified business enters into financial incentive agreements concerning the same project under different sections of the Act, those agreements must be executed within 24 months of each other.

Furthermore, the bill mandates that concurrent financial incentive agreements must be executed within the specified timeframe when they pertain to the same project, ensuring a streamlined process for businesses seeking multiple incentives. The effective date for these amendments is set for October 1, 2025.

Statutes affected:
SB 465: 15-4-2705, 15-4-2706(d), 15-4-2706, 15-4-2707