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IN SB0032
Bill
AI Summary
SB0032 - Economic Development Incentive Accountability
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Requires all records related to taxpayer-funded economic development incentives to be disclosed under Indiana's open records law, with incentive agreements available for public inspection after execution.
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Mandates IEDC publish annual job creation incentives and compliance reports on both its website and the Indiana transparency portal, including uncollected or diverted state tax revenues for each incentive.
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Establishes recapture provisions requiring IEDC to recover incentives from recipients who fail to meet capital investment levels, create promised jobs, or pay specified wages.
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Requires incentive recipients to submit annual compliance reports by July 15 detailing job creation, employee wages, job classifications, and other compliance information for IEDC compilation.
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Adds definitions for full-time employees, permanent jobs, new employees, retained employees, part-time jobs, and temporary jobs to establish clear performance standards for incentive agreements.
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 Commerce & Technology
1/5/2016