Bill > S1938

This bill, titled "Transparency in Economic Development," aims to increase public awareness and accountability regarding government incentives provided to businesses. It defines key terms such as "development subsidy" (any public funds of $25,000 or more used for economic development, including grants, loans, tax breaks, etc.), "recipient corporation" (any entity receiving such a subsidy), and "granting body" (any government agency providing the subsidy). The bill mandates that applicants for these subsidies must provide detailed information, including job creation estimates, wage levels, and healthcare benefits, which will be publicly available. Granting bodies will be required to file annual progress reports detailing the benefits received by companies, such as job creation and wages, and these reports will be published on a searchable state website. Furthermore, the bill establishes requirements for the revocation and recapture of subsidies if companies fail to meet their obligations, such as job creation or wage goals, and requires public disclosure of meeting details for agencies that administer discretionary economic development programs.