TITLE XII
PUBLIC SAFETY AND WELFARE

CHAPTER 162-O
STATE JOBS GRANT FUND

Section 162-O:3

    162-O:3 State Jobs Grants. –
I. Any business creating new jobs in a qualifying zone may apply to the commissioner, on an application developed by the commissioner, for state jobs grants.
II. The amount of the grant shall be determined by the commissioner on a per job basis as follows:
(a) Up to $1,000 per job created at a wage which is at least 13/4 times but less than 2 times above the 2003 minimum wage.
(b) At least $1,000 and up to $3,000 per job created at a wage which is at least 2 times but less than 21/4 times above the 2003 minimum wage.
(c) At least $3,000 and up to $5,000 per job created at a wage which is at least 21/4 times but less than 21/2 times above the 2003 minimum wage.
(d) At least $5,000 and up to $10,000 per job created at a wage which is at least 21/2 times but less than 3 times above the 2003 minimum wage.
(e) At least $10,000 and up to $15,000 per job created at a wage which is at least 3 times but less than 31/2 times above the 2003 minimum wage.
(f) At least $15,000 and up to $20,000 per job created at a wage which is 31/2 times or more above the 2003 minimum wage.
III. Grants shall be made by the commissioner only after approval by the governor and council.
IV. Any business receiving a grant under this section shall guarantee that the job for which the grant is made shall exist for at least a 5-year period or shall remit the grant moneys to the state jobs grant fund on a pro-rated share basis for the amount of the 5-year period when the job does not exist.
V. Any qualifying zone, by action of the local legislative body, may abate all or a portion of the local property tax for a period of 10 years for a business creating jobs and receiving grants under this section. Abatements granted under this paragraph shall expire if the job or jobs for which grants were made cease to exist.

Source. 2003, 319:46, eff. July 1, 2003.