(a) Clawback Defined. For the purpose of this Article, a clawback is a requirement that all or partof an economic development incentive will be returned or forfeited if therecipient business does not fulfill its responsibilities under the incentivelaw, contract, or both.
(b) Findings. TheGeneral Assembly finds that in order for a clawback to be effective, there mustbe monitoring and reporting regarding the business's performance of itsresponsibilities and a mechanism for obtaining repayment if the clawbackrequiring the return of previously disbursed funding is triggered. Clawbackprovisions are essential to protect the State's investment in a privatebusiness and ensure that the public benefits from the incentive will be secured.
(c) Catalog. TheDepartment of Commerce shall catalog all clawbacks in State and federalprograms it administers, whether provided by statute, by rule, or under acontract. The catalog must include a description of each clawback, the programto which it applies, and a citation to its source. The Department shall publishthe catalog on its Web site and update it every six months.
(d) Report. TheDepartment of Commerce shall report to the Revenue Laws Study Committee byApril 1 and October 1 of each year on all clawbacks that have been triggeredunder programs it administers and its progress on obtaining repayments. Thereport must include the name of each business, the event that triggered theclawback, and the amount forfeited or to be repaid. (2007‑515, s. 6.)
(a) Clawback Defined. For the purpose of this Article, a clawback is a requirement that all or partof an economic development incentive will be returned or forfeited if therecipient business does not fulfill its responsibilities under the incentivelaw, contract, or both.
(b) Findings. TheGeneral Assembly finds that in order for a clawback to be effective, there mustbe monitoring and reporting regarding the business's performance of itsresponsibilities and a mechanism for obtaining repayment if the clawbackrequiring the return of previously disbursed funding is triggered. Clawbackprovisions are essential to protect the State's investment in a privatebusiness and ensure that the public benefits from the incentive will be secured.
(c) Catalog. TheDepartment of Commerce shall catalog all clawbacks in State and federalprograms it administers, whether provided by statute, by rule, or under acontract. The catalog must include a description of each clawback, the programto which it applies, and a citation to its source. The Department shall publishthe catalog on its Web site and update it every six months.
(d) Report. TheDepartment of Commerce shall report to the Revenue Laws Study Committee byApril 1 and October 1 of each year on all clawbacks that have been triggeredunder programs it administers and its progress on obtaining repayments. Thereport must include the name of each business, the event that triggered theclawback, and the amount forfeited or to be repaid. (2007‑515, s. 6.)
(a) Clawback Defined. For the purpose of this Article, a clawback is a requirement that all or partof an economic development incentive will be returned or forfeited if therecipient business does not fulfill its responsibilities under the incentivelaw, contract, or both.
(b) Findings. TheGeneral Assembly finds that in order for a clawback to be effective, there mustbe monitoring and reporting regarding the business's performance of itsresponsibilities and a mechanism for obtaining repayment if the clawbackrequiring the return of previously disbursed funding is triggered. Clawbackprovisions are essential to protect the State's investment in a privatebusiness and ensure that the public benefits from the incentive will be secured.
(c) Catalog. TheDepartment of Commerce shall catalog all clawbacks in State and federalprograms it administers, whether provided by statute, by rule, or under acontract. The catalog must include a description of each clawback, the programto which it applies, and a citation to its source. The Department shall publishthe catalog on its Web site and update it every six months.
(d) Report. TheDepartment of Commerce shall report to the Revenue Laws Study Committee byApril 1 and October 1 of each year on all clawbacks that have been triggeredunder programs it administers and its progress on obtaining repayments. Thereport must include the name of each business, the event that triggered theclawback, and the amount forfeited or to be repaid. (2007‑515, s. 6.)
