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IN SB0254
Bill
AI Summary
SB 254 Summary
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Adds definitions for job and employee classifications (full-time, part-time, temporary, new employee, retained employee) to Indiana's economic development corporation laws.
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Requires all records related to taxpayer-funded economic development incentives to be disclosed as public records under Indiana's open records law.
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Mandates the IEDC publish its annual job creation incentives and compliance report on both the corporation's website and the Indiana transparency portal by February 1 each year.
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Requires the IEDC to track and report uncollected or diverted state tax revenues from each tax credit incentive, with the Department of State Revenue providing data by July 15 annually.
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Requires incentive recipients to submit annual compliance reports detailing job creation, employee wages, and compliance status; allows the IEDC to recapture incentives from recipients who fail to meet capital investment, job creation, or wage commitments specified in 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 Tax and Fiscal Policy
1/3/2018