This bill:
1. Increases from 50% to 100% the amount of the employment tax increment the State Tax Assessor is required to deposit into the Loring Job Increment Financing Fund;
2. Expands the allowable uses of the Loring Job Increment Financing Fund to include electricity, telecommunications and the maintenance of buildings and facilities and provides that covered municipal services and maintenance and restoration must relate to projects involving the maintenance or restoration of buildings or facilities that will create or retain jobs and promote economic development;
3. Extends the authority for payments to the Loring Job Increment Financing Fund from 2026 to 2046; and
4. Provides that a payment from the Loring Job Increment Financing Fund that an employer receives or is eligible for based on a percentage of employer withholding taxes does not affect the remaining percentage, which is eligible for use in the calculation of a payment to the fund.

Statutes affected:
Bill Text LD 1981, SP 810: 5.13080