CHAPTER 43. ECONOMIC DEVELOPMENT INCENTIVE ACCOUNTABILITY
IC 6-1.1-43
Chapter 43. Economic Development Incentive Accountability
IC 6-1.1-43-1
Application of chapter
Sec. 1. This chapter applies to the following economic
development incentive programs:
(1) Grants and loans provided by the Indiana economic
development corporation under IC 5-28 or the office of tourism
development under IC 5-29.
(2) Incentives provided in an economic revitalization area under
IC 6-1.1-12.1.
(3) Incentives provided under IC 6-3.1-13.
(4) Incentives provided in an airport development zone under
IC 8-22-3.5-14.
As added by P.L.60-1997, SEC.1. Amended by P.L.4-2005, SEC.49;
P.L.229-2005, SEC.5.
IC 6-1.1-43-2
"Economic development incentive" defined
Sec. 2. As used in this chapter, an "economic development
incentive" refers to a tax credit, deduction, exemption, grant, or loan
awarded under a program described in section 1 of this chapter.
As added by P.L.60-1997, SEC.1.
IC 6-1.1-43-3
Forfeiture of incentive
Sec. 3. If a recipient of an economic development incentive fails
to comply with the wage and benefit levels that the recipient
proposed or promised to obtain an economic development incentive,
as determined by the entity awarding the economic development
incentive, the recipient forfeits the economic development incentive
as of the date of the determination.
As added by P.L.60-1997, SEC.1.
IC 6-1.1-43-4
Restoration of incentive
Sec. 4. If an economic development incentive is forfeited under
section 3 of this chapter, the economic development incentive may
not be restored to the recipient until the entity awarding the
economic development incentive determines that the recipient is in
compliance with the proposed or promised wage and benefit levels.
As added by P.L.60-1997, SEC.1.