Rural Economic Development Act

This act establishes a state incentive program aimed at encouraging business investment and job creation in qualifying rural or economically distressed counties. A state economic development authority certifies which counties qualify, selects eligible companies, and enters tax incentive agreements with approved companies that offer inducements including credits against state income tax and an assessment based on the gross wages of employees at the approved project. The act also governs the terms of those agreements — time limits and extensions, assignment, documentation of qualifying expenditures, and suspension of inducements or other remedies when an approved company fails to comply — and provides for how outstanding projects are treated once the program stops accepting new applications.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.