Data center businesses must invest 5% of claimed sales tax exemptions and refunds in qualifying businesses or innovation funds.

This bill mandates that data center businesses investing in qualifying businesses or innovation funds must invest at least 5% of their claimed sales tax exemptions and sales and use tax refunds. The Department of Revenue will annually report the aggregate value of these exemptions and refunds, and the Economic Development Authority will verify the investments. Failure to meet these investment requirements will result in the cancellation of the data center's registration and the requirement to repay the exemptions and refunds, treated as a tax payment.

Data center businesses must invest 5% of claimed sales tax exemptions and refunds in qualifying businesses or innovation funds.

This bill mandates that data center businesses investing in qualifying businesses or innovation funds must invest at least 5% of their claimed sales tax exemptions and sales and use tax refunds. The Department of Revenue will annually report the aggregate value of these exemptions and refunds, and the Economic Development Authority will verify the investments. Failure to meet these investment requirements will result in the cancellation of the data center's registration and the requirement to repay the exemptions and refunds, treated as a tax payment.