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 under certain circumstances, ensuring that businesses adhere to the specified timeline for agreement execution. The effective date for these amendments is set for October 1, 2025. Overall, the bill aims to streamline the process for businesses seeking financial incentives while promoting significant investment in speculative development projects within the state.

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