SB 436 - This act modifies provisions relating to small business incubators. The definition of participant and tenant are expanded to include limited liability companies. This act requires that the local sponsor of the small business incubator enter into agreements with participants and tenants of the incubator to receive information necessary to provide annual reports to the Department of Economic Development. Annual reports to the Department shall include the continuing performance of all participants and tenants with have left the incubator in the last 5 years. The Department shall visit each incubator at least once per year.
Tax credits granted to a partnership, limited liability company taxed as a partnership, or multiple property owners must be passed through to the partners, members, or owners based on their share of ownership. The maximum annual tax credits issued for the entire program is 2 million dollars. The Department of Economic Development will review and approve local sponsor applications for the allocation of tax credits quarterly. There is no limit to the number of periods a local sponsor may participate in the business incubator program.