SB 1074 Requires the Department of Economic Development to compile an annual report and analysis of all incentive programs
LR Number:4658L.01I Fiscal Note:4658-01
Committee:Local Government and Economic Development
Last Action:03/14/00 - Hearing Conducted S Local Goverment & Economic Journal page:
Development Committee
Effective Date:August 28, 2000
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Current Bill Summary

SB 1074 - This act establishes a standardized agreement and disclosure form required from a person or entity receiving any kind of financial "economic incentive" from a state or local government. The form will include detailed information of all benefits received and obligations required of the recipient, including the obligations of the recipient to return such benefits in the event the recipient is unable to meet the goals or performance standards set forth in the agreement.

A recipient of an "economic incentive" violating any of the terms of the incentive agreement must repay the benefit, plus interest and any penalty imposed in the agreement, and may not be eligible to receive any economic incentives for a period of five years.

All incentive providers are required to monitor the progress of the economic incentive programs offered and make an annual report on the status of such programs. The reports shall be submitted to the Department of Economic Development. The Department will compile and summarize the information into an annual report.

The provisions of this act are contained in HS/HCS/HB 1305.