Senate Bill 411 Summary

• Requires all records related to taxpayer-funded economic development incentives be disclosed under Indiana's open records law, with incentive recipient compliance reports made publicly available for inspection and copying.

• Mandates the Indiana Economic Development Corporation (IEDC) publish an annual job creation incentives and compliance report on the Indiana transparency portal, including total uncollected or diverted state tax revenues resulting from each incentive and information on all recapture activities.

• Establishes recapture requirements allowing the IEDC to recover incentives from recipients who fail to make promised capital investments, create or retain the promised number of jobs, or pay promised wage levels.

• Requires incentive recipients to file annual compliance reports detailing job creation, employee counts by job type, wages paid, and certification of compliance with incentive agreement terms.

• Adds definitions for job-related terms including "full-time employee," "new employee," "retained employee," "temporary job," and "job creation incentive agreement" to Indiana economic development law.

• Effective July 1, 2014.