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Senate Bill 0162

Senate Bill 0162

ARCHIVE (2013)

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DIGEST OF SB 162 (Updated March 26, 2013 2:26 pm - DI 84)

Economic development reporting. Provides that an incentive agreement between the Indiana economic development corporation (IEDC) and an incentive recipient is available after the date the agreement is executed, regardless of whether negotiations may be in progress with that recipient after that date. Provides that a recipient must provide information about its financial investment if a financial investment was a condition for an incentive. Requires the IEDC to include in its annual compliance report aggregate information on performance goals, the total number of actual jobs created and the number of jobs expected, as reviewed by an independent auditing firm chosen by the corporation, recaptured incentives, total number of recipients, and tax credits claimed for the reporting period. Provides that the compliance report is to include the county or municipality of the recipient instead of the recipient's address. Requires the compliance report to include a certification by the corporation that each recipient is complying with the terms of the incentive agreement (current law requires a certification of whether each recipient is meeting the program requirements and representations made in the recipient's application concerning the wages and compensation provided to employees, other benefits to be provided to employees, and the extent to which the recipient has complied with the representations). Changes the timing of the IEDC's annual compliance report from a state fiscal year to a calendar year and specifies that the report is to include cumulative information on active recipients from 2005 instead of 2007. Adds cross-references to recently enacted tax credits. Repeals a duplicate statute concerning the requirement that the IEDC disclose the terms of a final incentive offer.
    Current Status:
    Law Enacted
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