Bill > S214

This bill establishes new regulations for economic development subsidies in the Commonwealth, aiming to increase transparency and accountability. It defines key terms like "development subsidy" (public funds of at least $25,000 for economic development), "granting body" (any entity providing such subsidies), and "recipient corporation" (any entity receiving a subsidy). The bill mandates detailed applications for subsidies, requiring information on job creation, wages, and benefits, and requires granting bodies to submit annual progress reports to the Executive Office of Housing and Economic Development (EOHED). These reports will track job creation, wages, benefits, and any potential negative employment impacts from the subsidy. The EOHED will then compile and publish this data online. The bill also sets limits on the cost per job for subsidies and establishes wage standards, with provisions for revoking and recapturing subsidies if a recipient corporation fails to meet its obligations, such as job creation or maintaining employment levels. Furthermore, it allows for private enforcement actions if a granting body fails to enforce the law and makes all related records public. Finally, discretionary tax credit programs will now expire after five years unless reauthorized, and all other economic development subsidies will undergo a five-year legislative review.