Loading chat...
IN SB0162
Bill
AI Summary
Senate Bill 162 Summary
-
Adds definitions for job creation incentive-related terms including "full-time employee," "full-time permanent job," "new employee," "retained employee," "part-time job," and "temporary job" to Indiana Code.
-
Requires all records related to taxpayer-funded economic development incentives to be disclosed under open records law, with incentive agreement terms available for public inspection after execution.
-
Mandates IEDC publish annual job creation incentives and compliance reports on both the corporation's website and Indiana transparency portal, including total uncollected or diverted state tax revenues by incentive.
-
Requires incentive recipients to file annual compliance reports detailing job creation, employee wages, capital investment progress, and compliance with incentive agreement terms by July 15 each year.
-
Establishes recapture provisions requiring IEDC to recover incentives from recipients who fail to meet capital investment levels, job creation targets, or promised wage commitments; allows waivers only for circumstances beyond recipient control.
Legislative Description
Economic development incentive accountability. Adds various job and employee definitions to the Indiana economic development corporation (IEDC) laws. Requires that all records related to taxpayer funded economic development incentives must be disclosed under the open records law. Requires that the IEDC's annual job creation incentives and compliance report must be published on the Indiana transparency portal Internet web site. Requires the IEDC and the department of state revenue to compile information on all job creation incentives granted, including the total amount of uncollected or diverted state tax revenues resulting from each incentive, and requires that this information must be included
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/6/2015