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 bythe 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 ofwhether 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 taxliability 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 compliancereport
    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 underIC 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 andpublish before February 1 and August 1 of each year an incentives

and compliance report that covers the six (6) month period that endsone (1) month before the report is due. After August 1, 2009, thecorporation shall submit and publish before August 1 of each year anincentives and compliance report that covers the twelve (12) monthperiod 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 requiredunder 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 grantreferred 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 recipientat 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 ismeeting the program requirements and representationsmade in the recipient's application concerning the wagesand compensation provided to employees who have beenor are to be hired, trained, or retrained.
                (iii) Other benefits to be provided to employees to behired, retained, or trained.
            (E) The extent to which the recipient has complied with therepresentations 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 andconditions of incentive; reclaiming grants, loans, or incentives
    Sec. 7. (a) If, in the course of compiling information to completea report required by section 5 of this chapter or upon the receipt ofany other information concerning noncompliance with the terms andconditions of an incentive granted by the corporation, the corporationdetermines that a recipient of an incentive awarded by thecorporation has not complied with the representations that therecipient made in obtaining the incentive, the corporation shall takethe 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 mayseek a refund or arrange other methods of reclaiming the grant orloan from the recipient. If the corporation does seek a refund orotherwise reclaims a grant or loan from the recipient under thissection, the amount of the refund or reclaimed part must be inproportion to the degree of default by the recipient as determined bythe corporation.
    (c) Subsection (b) does not apply to a recipient of a grant or loanif:
        (1) the grant or loan has been disbursed on a pro rata basis; and
        (2) in the judgment of the corporation, the recipient'sperformance in relation to the recipient's performance goalsequals or exceeds the ratio of the amount of the recipient'sactual benefit from the grant or loan to the total amount of thegrant or loan originally contemplated in the grant or loan award.
    (d) If the incentive granted by the corporation was awarded afterMarch 31, 2010, the corporation shall seek a refund or arrange othermethods of reclaiming the value of the incentive granted by thecorporation from the recipient. The amount of the refund orreclaimed part must be in proportion to the degree of default by therecipient 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" meanslanguage that requires the recipient of an incentive to repay somepart of the incentive.
    (b) The corporation may waive or modify a recapture provision ofthis article or an agreement made with a person to whom thecorporation has awarded an incentive if the corporation determinesthat the recipient of an incentive awarded by the corporation hasfailed to meet a condition for receiving the incentive because ofcircumstances 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, asdetermined by the corporation.
As added by P.L.110-2010, SEC.13.

IC 5-28-28-9
Economic incentives and compliance report; statistical summaryrequired
    Sec. 9. (a) Beginning in 2010, the economic incentives andcompliance report required under section 5 of this chapter mustinclude an annual report containing summary statistics on theeffectiveness 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 ofincentives provided; and
        (2) penalties imposed for failure to comply with the terms andconditions of incentives provided.
The report must also be submitted to the general assembly in anelectronic format under IC 5-14-6.
    (b) Upon request, the corporation shall make available:
        (1) information specifying each person's compliance with itsincentive agreement and any incentive that had to be reduced orpaid back as a result of noncompliance with an incentiveagreement;
        (2) information stating, for each incentive recipient, the totalincentive provided for each job created, computed from the datethe incentive is granted through June 30 of the year of thereport;
        (3) information concerning all waivers or modifications undersection 8 of this chapter; and
        (4) information describing all hearings and determinationsunder IC 5-28-6-6.
As added by P.L.110-2010, SEC.14.