S505 - Rural Job Retention Act. (SL 2019-14)

Overview: S.L. 2019-14 allows the Department of Commerce to award an additional grant of $15 million through the Job Maintenance and Capital Development Fund (JMAC), and it adds a new category of businesses eligible to receive a JMAC grant: a heritage manufacturing employer. Assuming Commerce awards an additional JMAC grant for $15 million over ten years, it will increase General Fund expenditures by $1.5 million per year for ten years, beginning in fiscal year 2021-22. The current recurring appropriation of $7.5 million to the JMAC account is expected to be sufficient to pay the expected grant payments.

The act became effective July 1, 2019.