Authors: Representative Ben Smaltz
Co-authors: Representative Greg Beumer, Representative Matt Pierce
Permits the office of community and rural affairs (office) to designate an applicant rural county as a rural entrepreneurship area development incentives area (READI area). Provides for the distribution of adjusted gross income taxes paid annually by employees working in an area for a new business or paid annually by additional employees in an existing business and by the new business itself to the rural county for the development of new business opportunities in the rural county, including transfers to local or regional venture capital funds. Limits the amount that may be distributed to a particular county in a state fiscal year to $250,000. Limits the total amount that may be distributed to all counties in a state fiscal year to $5,000,000. Requires matching local funds to qualify for a distribution. Specifies the authorized sources of the matching local funds. Appropriates money collected from counties with a READI area for distribution to those counties. Specifies the types of projects that may be funded from a county's rural entrepreneurship area development incentives fund, upon appropriation by the county fiscal body and after recommendation by a local economic development organization in the county.