AB 2922: Economic development: capital investment incentive programs.

Prior law, until January 1, 2024, authorized a county, city and county, or city to establish a capital investment incentive program, pursuant to which the county, city and county, or city was authorized to pay, upon request, a capital investment incentive amount that does not exceed the amount of property tax derived from that portion of the assessed value of a qualified manufacturing facility, as defined, that exceeds $150,000,000 to a proponent of a qualified manufacturing facility for up to 15 years. Prior law required the proponent to enter into a community services agreement with the county, city and county, or city, including, among other things, a job creation plan.

This bill would reestablish the authorization for capital investment incentive programs until January 1, 2035. The bill would additionally authorize the above-described capital investment incentive program for proponents of a qualified manufacturing facility with an assessed value that exceeds $25,000,000 and would include additional requirements for the above-described job creation plan for these proponents. The bill would make conforming changes.

This bill would declare that it is to take effect immediately as an urgency statute.