Senate Bill 431 Summary

• Requires all records related to taxpayer-funded economic development incentives to be disclosed under Indiana open records law, with information from incentive recipient annual compliance reports available for public inspection and copying.

• Mandates the Indiana Economic Development Corporation (IEDC) publish its annual job creation incentives and compliance report on both its website and the Indiana transparency portal by February 1 each year.

• Requires the IEDC and Department of State Revenue to compile and report the total amount of uncollected or diverted state tax revenues resulting from each tax credit incentive granted, with this information included in the annual compliance report.

• Establishes recapture provisions requiring the IEDC to recover job creation incentives from recipients who fail to meet capital investment levels, create/retain promised jobs, or pay specified wages, with recapture activities and amounts recovered included in annual reporting.

• Creates new definitions for job creation incentive terms (full-time employee, full-time permanent job, new employee, retained employee, part-time job, temporary job) and requires incentive recipients to submit detailed annual compliance reports covering employee numbers, wages, job classifications, and compliance with agreement terms.