HB458:

MEI Project Approval Commission; incentives requiring review.

Bill Summary:

MEI Project Approval Commission; incentives
requiring review. Adds to the incentive packages for economic
development, film, and episodic television projects that require
MEI Project Approval Commission (the Commission) review and approval
any incentive package in which one of the incentives being sought
includes a cash payment of more than $3.5 million from any fund prior
to any performance metrics being met by the proposed project. The
bill clarifies that in calculating whether the value of proposed incentives
exceeds $10 million and thus requires review under current law,
the value of applicable existing tax credits and incentives shall
not be considered, with the exception of the sales tax exemption
for data centers and the motion picture tax credit. Finally, the bill
provides that economic development projects that propose to relocate
or expand operations in one area of the Commonwealth while closing
or reducing operations in another area of the Commonwealth shall
be subject to Commission review only if the value of the proposed
incentives exceeds $2.5 million.