Bill > H0563

This bill requires the Department of Economic Opportunity (DEO) to publish detailed information about state investments in economic development programs on a public website, making the data searchable and easily accessible. Specifically, within 48 hours after confidential project information expires, the DEO must disclose projected economic benefits, details about the program, investment amounts, target industries, local commitments, and information about the participating businesses, including their location, size, and the project award date. The bill also mandates the DEO to use specific methodologies and formulas provided by the Office of Economic and Demographic Research (EDR) to calculate economic benefits, with the EDR required to describe these methods to the DEO for public dissemination. Furthermore, the DEO must annually update published project information, report on the progress of Quick Action Closing Fund projects, and publish reports concerning businesses that fail to meet tax refund agreement terms. The bill defines key terms like "state investment" (which includes grants, tax exemptions, refunds, and credits) and "participant business" (a company receiving state investment through an agreement). This legislation aims to increase transparency and accountability for state economic development initiatives.