The Director of the Department of Economic Development may consider the direct and indirect economic benefits to be provided by the eligible project. The total amount of state funding, tax credits or tax exemptions is limited to the projected state economic benefit. Sales of any abandoned or underutilized property within 5 years of receiving remediation tax credits, grants, loans or loan guarantees will require repayment of a portion of the owner's investment.

Tax credits are allowed against corporation franchise tax and financial institutions tax.

Any property tax abatement for an eligible project must be for at least fifty percent for ten to twenty five years. As an alternative to property tax abatement, tax increment financing may be authorized.

The act allows property developers who pay remediation costs to receive directly any remediation tax credits. The Department of Economic Development is given discretion to provide tax credits of up to 100% of eligible remediation costs, but total state incentives are limited to the net state economic impact of the project or the least amount which enables the project to occur.

RUSS HEMBREE