HB2120 – Allowing cities to grant nuclear facilities an additional four years to complete projects and qualify for the tax breaks available for new manufacturing in targeted urban areas.
Prime Sponsor – Representative Barnard (R; 8th District; Benton & Franklin Counties) (Co-Sponsor Shavers, D)
Current status – Had a hearing in the House Committee on Finance on January 25th and passed out of committee January 30th. Referred to Rules.
Next step would be – Action by the Rules Committee.
Legislative tracking page for the bill.
Summary
The State currently provides a tax break to encourage new manufacturing and industrial uses on undeveloped or underutilized lands in targeted urban areas. The law requires projects to be completed within three years to qualify, but cities are authorized to extend that period by up to two years under certain circumstances. The bill would allow extensions of up to six years for nuclear facilities.