HB1338 - Indiana

Economic Development, Economic Development Corporation  

  • Incentives provided by the IEDC. Requires the Indiana economic development corporation (IEDC) to provide an annual report on the effectiveness of incentives and incentive payback activity. Provides that the IEDC must require an applicant to agree to an employment number in an incentive contract. Requires that an incentive contract must include an incentive payback provision that allows the IEDC to require an incentive recipient that is in partial noncompliance to repay a proportionate share of the incentive to the IEDC and to require that if a recipient moves, closes, or transfers positions out of Indiana, the IEDC shall recoup the entire incentive provided. Requires a full-time compliance officer in the IEDC to review whether incentive recipients are complying with the incentive agreement. Requires incentive recipients to provide an annual report on compliance with employment goals. Provides that unless a payback provision is waived by the IEDC, the IEDC may not provide an incentive to a person if that person is subject to an incentive payback requirement in Indiana until repayment is made. Provides that a waiver may be granted when a person's failure to meet a condition for receiving an incentive is because of circumstances beyond the recipient's control. Provides that for purposes of the headquarters relocation tax credit an eligible business is required to have annual worldwide revenues of at least ten million dollars (instead of $100,000,000) if the business relocates to Elkhart County before July 1, 2010. Makes an appropriation.
Indiana
Last Update
10/23/2010
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