HB 1271 Summary

• Prohibits the Indiana Economic Development Corporation (IEDC) and state board of finance from requiring or basing loan decisions on preliminary commitments from businesses or government entities demonstrating a project will be initiated and accomplished for programs submitted after June 30, 2011.

• Requires the secretary of commerce to use the same approval standards for industrial development grants as those used for loans from the industrial development fund.

• Allows grants awarded after June 30, 2011 to fund construction of utilities and public infrastructure (sewers, water lines, roads, rail spurs, technology infrastructure) to improve chances of securing future business commitments for industrial development programs.

• Eliminates the requirement for preliminary commitments supporting qualified industrial development projects proposed in economic development districts created by ordinance after June 30, 2011.

• Prohibits the IEDC from basing preliminary authorization decisions for districts created after June 30, 2011 on the likelihood that a proposed project will be initiated or accomplished.

• Updates federal statute references regarding small business investment companies.