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.
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.
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.
