A new law aims to make the Indiana Economic Development Corporation more transparent.
Under Senate Bill 162, which goes into effect July 1, the IEDC will be required to disclose financial incentive contracts to the public more quickly, as well as publish an annual incentives and compliance report detailing active projects dating back to 2005 — when the IEDC was created.
The bill also requires more public disclosure of the actual jobs created by companies that receive incentives as well as the number of jobs that have been predicted.
The new measures are meant to hold companies more accountable for both anticipated job creation and financial investment. Gov. Mike Pence pushed the legislation.
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The agency worked alongside the legislature throughout the process.
As part of Pence’s plan, the IEDC has created a transparency portal — a website dedicated to providing more information to Hoosier citizens. The portal, which went live May 7, allows the public to search for specific projects and discover information such as tax credits, contracts and job creation stats.
“This bill strikes the appropriate balance by providing taxpayers with constructive information while respecting sensitive business information,” said Sen. Brandt Hershman, R-Buck Creek.
Not everyone agrees with the new law’s effectiveness. Hoosier State Press Association Executive Director Steve Key said the bill is a step in the right direction, but “still not as much as we’d like.”
He said the legislature could have pushed for more transparency within the agency.
