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[s29] Sen. Delph: House Approves IEDC Transparency Bill
Start Date: 3/26/2013Start Time: 12:00 AM
End Date: 3/26/2013End Time: 11:59 PM
Entry Description

Senate Bill 162 heads to Gov. Pence’s desk for signature

STATEHOUSE (March 26, 2013) –State Sen. Mike Delph’s (R-Carmel) legislation to set new transparency guidelines for the Indiana Economic Development Corporation (IEDC) passed the House of Representatives today by a unanimous vote of 98-0. Rep. Woody Burton (R-Whiteland) is the bill’s sponsor.

Senate Bill 162 instructs the IEDC to disclose more information about businesses that receive economic-development incentives, including projected outcomes and actual job creation. Under the bill, the IEDC must do the following:

  • Make final incentive contracts available to the public more quickly. IEDC cannot delay release of signed incentive agreements by arguing there could be another deal pending.
  • Publish an annual incentives and compliance report that includes active projects dating back to IEDC’s inception in 2005, instead of only projects dating back to 2007 as currently provided.
  • Report the aggregate number of jobs actually created through IEDC-backed projects, not simply those anticipated.
  • Release the amount of grants and loans actually paid to each recipient, rather than only the total amount each recipient is approved to receive during the term of the incentive agreement.
  • Hold companies more accountable for both anticipated job creation and their anticipated level of financial investment.

“Taxpayers deserve to know how their money is being used, especially when it comes to economic development,” Delph said. “The public should be able to expect transparency from private companies when they receive public incentives.”

The legislation now moves to the governor’s desk for approval.

Contact Information:
Name: Tracy Lytwyn
Phone: 317-234-9221
Entry Type:
Press Release
Entry Category:
  • Announcements
  • Category:
  • Business & Agriculture
  • Agency Name
    Senate Republican Caucus

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