The Quick Action Closing Fund was created by HB 1953 in 2011. It is intended as a source of funds available to the Governor to attract high-impact businesses when incentive payments are expected to be the deciding factor in a business’s location decision.
The Governor may recommend payments from the Quick Action Fund based on an economic benefits analysis conducted by the Department of Commerce. Under 2019 legislation, any new jobs created by a qualified establishment must have an annualized average wage greater than the average county wage where the new jobs are being created
As of 2018, the Fund has been used to award a total of $12.8 million in payments to six companies, in amounts ranging from $200,000 to $3 million. The biggest recipients have been General Electric, Commercial Metals Company, Boeing, and Macy’s. The Fund received appropriations of $4 million for FY 2019 and an additional$19 million for FY 2020.