HB 1096

Bill Subjects

Audits And Auditors Economic Development Corporation, Indiana Economic Development Generally Local Government

Abstract

Establishes provisions that require greater transparency in state and local government actions related to incentives received by the Indiana economic development corporation or the Indiana destination development corporation (a corporation). Provides that a covered business shall disclose the source and amount of a success fee in relation to the award of incentives. Provides that a covered person shall disclose the source and amount of third party compensation made in connection with the covered person's performance in state or local government. Provides that a corporation shall disclose the source and amount of any economic development expenses paid for by a nongovernmental third party for the benefit of the corporation. Provides that a corporation shall disclose the terms of any contract for, or payment of, incentives made by a political subdivision that is not already covered under another provision. Provides that the disclosures must be made quarterly to the auditor of state and on the Indiana transparency portal Internet web site. Provides that failure to comply with the disclosure requirements results in the disgorgement of all undisclosed compensation and incentives which will be paid to the treasurer of state for deposit in the state general fund. Provides that the auditor of state may prescribe forms, rules, and procedures to implement the chapter and that the office of the attorney general shall enforce the chapter.