Senate Bill 489 Summary

• Expands Department of Commerce annual reporting requirements to include economic development incentives provided over the previous five calendar years, not just the prior year, with detailed information on project identification, award dates, business recipients, county tier designations, incentive sources and amounts, jobs requirements, and actual employment data.

• Requires Department of Commerce to provide updated supplemental reports to the General Assembly quarterly and post a summary report online including award dates, disbursement amounts, job requirements, and actual full-time equivalent employment figures.

• Renames the "Revenue Laws Study Committee" to the "Finance and Economic Development Study Committee" and expands its membership from 16 to 20 members (10 appointed by each chamber leader instead of 8).

• Adds new powers to the Committee to analyze the effectiveness of state-supported economic development programs, assess program performance according to established criteria, and report findings to the General Assembly alongside recommendations for revenue law changes.

• Increases the Committee quorum requirement from 9 to 11 members and removes prior requirements to review video programming competition and broadband deployment issues.