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IN SB0157
Bill
Status
1/3/2019
Primary Sponsor
Lonnie Randolph
Click for details
AI Summary
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Renames Indiana's "economic incentives and compliance report" to "job creation incentives and compliance report" and requires recipients of job creation incentives to submit annual compliance reports by January 15 detailing jobs created/retained, employee wages, and payroll information.
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Adds definitions for key terms including "full-time employee," "full-time, permanent job," "new employee," "retained employee," "part-time job," and "temporary job" to Indiana Economic Development Corporation (IEDC) statutes.
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Requires incentive agreements to include recapture provisions requiring recipients to repay incentives if they move, close, fail to meet capital investment levels, employ fewer people than promised, or pay lower wages than specified.
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Makes compliance reports and IEDC records subject to Indiana's open records law, including cost analyses exceeding $25,000 contracted by the corporation; also requires reporting aggregate uncollected tax revenues resulting from each tax credit.
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Mandates suspension of all job creation incentives for recipients who fail to file required compliance reports by April 1, with suspension continuing until compliance is demonstrated and the corporation rescinds the suspension.
Legislative Description
Economic development incentive accountability. Renames the annual "economic incentives and compliance report" in current law to the "job creation incentives and compliance report" (report). Adds various job and employee definitions to the Indiana economic development corporation (IEDC) laws. Requires an incentive recipient to submit an annual compliance report on the number of jobs created or retained, employee pay, and various other information concerning the use of the incentives, and requires the IEDC to compile this information and include it in the IEDC's annual report. Provides that information submitted in an annual compliance report and other information maintained by the IEDC must be made available in accordance with the open records law. Repeals and relocates several definitions without change to maintain alphabetical order.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/3/2019