The General Assembly enacted legislation Tuesday that clearly defines state policy regarding economic development transparency. Senate Bill 162 identifies the relevant information the Indiana Economic Development Corporation will report to taxpayers and policymakers on economic development incentives.
“It was evident when I joined the IEDC that it had benefitted from effective management who fostered a culture of continuous improvement. That culture, along with this new legislation, helps us to consolidate our economic development project reporting into a format that is more accessible and easier to understand,” said Eric Doden, president of the IEDC. “We certainly appreciate the leadership of Sen. Brandt Hershman, Sen. Mike Delph, Sen. John Broden, Rep. Woody Burton and Rep. Scott Pelath in their effort to clarify state policy for economic development transparency.”
The bill advances Gov. Mike Pence’s plan to launch a transparency portal that can be accessed through the IEDC’s website. The portal will allow the public to search for IEDC projects by company and county, displaying the latest information about projects including the amount of tax credits certified for new jobs and investment, viewable contracts and aggregated job creation.
“This bill strikes the appropriate balance by providing taxpayers with constructive information while respecting sensitive business information,” said Hershman (R-Buck Creek).
“We appreciate the IEDC’s collaborative spirit in putting Indiana on the cutting edge of economic development transparency.”
The IEDC has worked in parallel to the pending legislation over the last several months in order to be in position to launch the portal when the law becomes effective.
“We are proud to say that we are ahead of schedule and will launch the portal by June 1, at least a month before the law becomes effective,” said Doden.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.