Revise tax credit awards under the rural business growth program

SB 276 updates the rules for the state's rural business growth program by defining specific eligibility requirements and investment criteria for businesses seeking tax credits. The bill establishes new definitions for terms like "rural business concern" and "operating company," which restricts funding to smaller businesses in counties with populations under 200,000 while excluding certain industries such as gambling facilities and publicly traded companies. It also sets strict conditions for investments, requiring that debt instruments have a minimum five-year maturity and that loans be made only after a business has been denied similar financing by a commercial bank. Additionally, the legislation creates a tiered system based on county population size to categorize rural areas and adjusts the employee residency thresholds for businesses located in border counties.