State Representative Woody Burton sponsored legislation regarding the Indiana Economic Development Corporation (IEDC), which passed the Indiana House on Tuesday with a unanimous vote.
Senate Bill (SB) 162 requires that IEDC incentive agreements be made available and updates on the following aspects appear in the annual report: performance goals, actual jobs created, number of expected jobs, recaptured incentives, total number of recipients and tax credits claimed for the reporting period.
“The bill stems from a number of situations involving transparency with the IEDC,” said Rep. Burton. “Much of this has been driven by the media claiming that companies are not delivering on the number of jobs they had agreed to create. This bill provides a good balance between transparency and respecting companies’ privacy.”
In addition to the annual report requirements, an independent auditing firm will be required to review the number of actual jobs created and number of jobs expected.
In 2012, the IEDC worked with 256 companies that made decisions to expand or establish new business operations in Indiana, an increase from 219 companies in 2011 and more than any other year on record.
SB 162 will now head to the governor’s desk to be signed into law.
To stay up-to-date on this bill and any other piece of legislation in the General Assembly, visit www.in.gov/legislative.
