CHAPTER 28. STATE ECONOMIC INCENTIVES AND COMPLIANCE REPORT

IC 5-28-28
     Chapter 28. State Economic Incentives and Compliance Report

IC 5-28-28-1
Applicability
    
Sec. 1. This chapter applies to grants, loans, and tax credits:
        (1) applied for; and
        (2) awarded;
after June 30, 2007.
As added by P.L.222-2007, SEC.1.

IC 5-28-28-2
"Grant"
    
Sec. 2. As used in this chapter, "grant" refers to a grant given by the corporation.
As added by P.L.222-2007, SEC.1.

IC 5-28-28-3
"Loan"
    
Sec. 3. As used in this chapter, "loan":
        (1) refers to a loan made by the corporation, regardless of whether the loan is forgivable; and
        (2) includes a loan guarantee made by the corporation.
As added by P.L.222-2007, SEC.1.

IC 5-28-28-4
"Tax credit"
    
Sec. 4. As used in this chapter, "tax credit" means a state tax liability credit under any of the following:
        (1) IC 6-3.1-7.
        (2) IC 6-3.1-13.
        (3) IC 6-3.1-13.5.
        (4) IC 6-3.1-26.
        (5) IC 6-3.1-27.
        (6) IC 6-3.1-28.
        (7) IC 6-3.1-30.
As added by P.L.222-2007, SEC.1.

IC 5-28-28-5
Corporation to publish an economic incentives and compliance report
    
Sec. 5. (a) Beginning February 1, 2008, the corporation shall:
        (1) submit an economic incentives and compliance report to:
            (A) the governor; and
            (B) the legislative council in an electronic format under IC 5-14-6; and
        (2) publish the report on the corporation's Internet web site;
on the schedule specified in subsection (b).
    (b) Before August 2, 2009, the corporation shall submit and publish before February 1 and August 1 of each year an incentives

and compliance report that covers the six (6) month period that ends one (1) month before the report is due. After August 1, 2009, the corporation shall submit and publish before August 1 of each year an incentives and compliance report that covers the twelve (12) month period that ends one (1) month before the report is due.
As added by P.L.222-2007, SEC.1.

IC 5-28-28-6
Economic incentives and compliance report; required elements
    
Sec. 6. The economic incentives and compliance report required under section 5 of this chapter must include at least the following:
        (1) The total amount of each of the following:
            (A) Tax credits approved or awarded by the corporation.
            (B) Loans made by the corporation.
            (C) Grants made by the corporation.
        (2) With respect to each recipient of a tax credit, loan, or grant referred to in subdivision (1):
            (A) The name and address of the recipient.
            (B) The amount of the tax credit, loan, or grant.
            (C) The purpose of the tax credit, loan, or grant.
            (D) Representations of the following made by the recipient at the time of application for the tax credit, loan, or grant:
                (i) Numbers of employees to be hired, retained, or trained.
                (ii) Certification by the corporation that each recipient is meeting the program requirements and representations made in the recipient's application concerning the wages and compensation provided to employees who have been or are to be hired, trained, or retrained.
                (iii) Other benefits to be provided to employees to be hired, retained, or trained.
            (E) The extent to which the recipient has complied with the representations referred to in clause (D).
As added by P.L.222-2007, SEC.1.

IC 5-28-28-7
Investigating failure to comply with representations or terms and conditions of incentive; reclaiming grants, loans, or incentives
    
Sec. 7. (a) If, in the course of compiling information to complete a report required by section 5 of this chapter or upon the receipt of any other information concerning noncompliance with the terms and conditions of an incentive granted by the corporation, the corporation determines that a recipient of an incentive awarded by the corporation has not complied with the representations that the recipient made in obtaining the incentive, the corporation shall take the actions required under subsections (b) and (d).
    (b) If the incentive is a grant or loan awarded before April 1, 2010, the corporation shall determine:
        (1) whether there was good cause for the noncompliance; and
        (2) whether the recipient is in default.
If in the judgment of the corporation there is not good cause for any

noncompliance discovered under subsection (a), the corporation may seek a refund or arrange other methods of reclaiming the grant or loan from the recipient. If the corporation does seek a refund or otherwise reclaims a grant or loan from the recipient under this section, the amount of the refund or reclaimed part must be in proportion to the degree of default by the recipient as determined by the corporation.
    (c) Subsection (b) does not apply to a recipient of a grant or loan if:
        (1) the grant or loan has been disbursed on a pro rata basis; and
        (2) in the judgment of the corporation, the recipient's performance in relation to the recipient's performance goals equals or exceeds the ratio of the amount of the recipient's actual benefit from the grant or loan to the total amount of the grant or loan originally contemplated in the grant or loan award.
    (d) If the incentive granted by the corporation was awarded after March 31, 2010, the corporation shall seek a refund or arrange other methods of reclaiming the value of the incentive granted by the corporation from the recipient. The amount of the refund or reclaimed part must be in proportion to the degree of default by the recipient as determined by the corporation.
As added by P.L.222-2007, SEC.1. Amended by P.L.110-2010, SEC.12.

IC 5-28-28-8
Incentive recapture; waiver or modification
    
Sec. 8. (a) As used in this section, "recapture provision" means language that requires the recipient of an incentive to repay some part of the incentive.
    (b) The corporation may waive or modify a recapture provision of this article or an agreement made with a person to whom the corporation has awarded an incentive if the corporation determines that the recipient of an incentive awarded by the corporation has failed to meet a condition for receiving the incentive because of circumstances beyond the recipient's control, including:
        (1) natural disaster;
        (2) unforeseen industry trends;
        (3) lack of available labor force;
        (4) loss of a major supplier or market; or
        (5) another circumstance beyond the recipient's control, as determined by the corporation.
As added by P.L.110-2010, SEC.13.

IC 5-28-28-9
Economic incentives and compliance report; statistical summary required
    
Sec. 9. (a) Beginning in 2010, the economic incentives and compliance report required under section 5 of this chapter must include an annual report containing summary statistics on the effectiveness of and compliance with all incentives granted by the

corporation. The report required by this section must describe:
        (1) the overall compliance with the terms and conditions of incentives provided; and
        (2) penalties imposed for failure to comply with the terms and conditions of incentives provided.
The report must also be submitted to the general assembly in an electronic format under IC 5-14-6.
    (b) Upon request, the corporation shall make available:
        (1) information specifying each person's compliance with its incentive agreement and any incentive that had to be reduced or paid back as a result of noncompliance with an incentive agreement;
        (2) information stating, for each incentive recipient, the total incentive provided for each job created, computed from the date the incentive is granted through June 30 of the year of the report;
        (3) information concerning all waivers or modifications under section 8 of this chapter; and
        (4) information describing all hearings and determinations under IC 5-28-6-6.
As added by P.L.110-2010, SEC.14.