HB 2255 Summary

• Amends the Arizona commerce authority's board governance structure and adds new oversight requirements for economic development incentives.

• Requires the board to formally vote on and award all grants, loans, reimbursements, tax incentives, or other economic development incentives at public meetings, with exceptions allowed for executive sessions if disclosure could harm competitive position.

• Mandates the authority post a list of all awarded incentives on its website within five business days after each vote.

• Requires the auditor general to conduct performance audits of the authority beginning in 2014 and every three years thereafter, with public reports evaluating application procedures and compliance verification.

• Requires annual reports to the legislature by November 1 detailing the number of jobs created by each recipient, average money per job created, and economic impact estimates of awarded incentives.