SB 1249 Requires additional information regarding department of economic development contracts for financial assistance
LR Number:4645S.02I Fiscal Note:4645-02
Committee:Local Government and Economic Development
Last Action:04/09/02 - Hearing Conducted S Local Government & Economic Journal page:
Development Committee
Effective Date:August 28, 2002
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Current Bill Summary

SB 1249 - This act requires additional information when the Department of Economic Development enters into an agreement with a party to provide grants, loans, tax credits or other financial assistance to the party through a program administered by the Department.

The act requires that additional information about the economic incentive and the financial obligation of the party if the requirements of the agreement are not met. The agreement must also list any other financial assistance received by the party for the same project. Any proceeds from an economic incentive that are returned to the Department of Economic Development must be used for worker training and re-training programs administered by the division of workforce development.

The Department of Economic Development must prepare an annual report to the President pro tem of the Senate and the Speaker of the House of Representatives that contains certain information about the economic incentives administered in the past year.