SB 545 - The act provides quarterly cash payments of up to 5% of new taxable payroll to qualifying manufacturing and service companies based on their new payroll investment (minimum $2.5 million). The act requires minimum thresholds for the number new jobs created. In order to qualify, companies must be a basic industry as defined by the act, must offer basic health insurance coverage and pay at least 50% of the cost, and must meet minimum average wage requirements. Payments are made directly to the company for up to 10 years. A lower payroll threshold is available for certain projects or as a result of location in targeted areas. The act establishes the Incentive Approval Committee laying out the composition and the duties. The "Quality Jobs Program Incentive Payment Fund" is established and formulas are provided for calculating the disbursement of cash payments. Penalty provisions for false or fraudulent claims are included.
ANDY LYSKOWSKI