AMENDMENT FOR SENATE STATE AFFAIRS COMMITTEE ENGROSSED BILL
100jb

___________________ moved that SB 100 be amended as follows:


    On page 4, after line 23 of the Senate State Affairs Committee engrossed bill, insert:

"    Section 3. That § 1-16G-59 be amended to read:

    1-16G-59. The Board of Economic Development shall review the application and make a determination of whether the project shall be approved or disapproved. The board shall consider the likelihood that the project would have occurred without the reinvestment payment. The board may approve a reinvestment payment that is equal to or less than South Dakota sales and use tax paid on the project costs.

    The board shall consider the following factors when making that determination:

            (1)    Has the county or municipality adopted a formula to reduce property taxation for the project for five years under the discretionary formula pursuant to § 10-6-35.2;

            (2)    Has the county or municipality approved a tax incremental district pursuant to chapter 11-9 for the area where the project will be located;

            (3)    Has the municipality approved a municipal sales tax refund pursuant § 10-52-10;

            (4)    Economic activity that may occur in the community, area, and state; and

            (5)    Criteria established by rules promulgated pursuant to § 1-16G-67;

            (6)    For all broadband applications the award of a reinvestment payment shall be subject to the board determination that the reinvestment payment increases the scope of the project on terms and conditions satisfactory to the board; and

            (7)    Notwithstanding all of the above, the board shall have the discretion to award or deny a reinvestment payment based on its determination on whether the reinvestment payment will have a positive effect on economic development and job growth. ".