HB 458

Abstract

MEI Project Approval Commission; incentivesrequiring review. Adds to the incentive packages for economic development, film, and episodic television projects that requireMEI Project Approval Commission (the Commission) review and approvalany incentive package in which one of the incentives being soughtincludes a cash payment of more than $3.5 million from any fund priorto any performance metrics being met by the proposed project. Thebill 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 exemptionfor data centers and the motion picture tax credit. Finally, the billprovides that economic development projects that propose to relocateor expand operations in one area of the Commonwealth while closingor reducing operations in another area of the Commonwealth shallbe subject to Commission review only if the value of the proposedincentives exceeds $2.5 million.