HB 2087 -- Economic Incentives

Sponsor:  Kennedy

This bill requires all persons receiving any type of economic
incentive, as defined in the bill, to enter into an agreement
with the entity administering the incentive on a form obtained
from the Department of Economic Development (DED).  The bill
outlines the components to be contained in the agreement,
including a description of the incentive and the public purposes
for which the incentive is intended; the goals for the
incentive; a description of the financial obligation of the
recipient if the goals are not met; a statement of why the
incentive is needed; and a list of all other financial
assistance received by the recipient for the same project.
Recipients who violate any term of the agreement are required to
repay the benefit plus reasonable interest and penalties, and
are ineligible to receive any economic incentives for 5 years
from the date of the violation or until the repayment obligation
is met.  The providers of incentives are required to monitor the
progress of recipients in achieving their agreement goals.
Recipients are required to provide information regarding goals
and results for 2 years after the receipt of the benefits or
until the goals are met.  Providers of incentives are to
annually report on the incentives they administer to the DED, by
April first.  The DED is required to promulgate rules regarding
the contents of these reports.  In addition, the DED is to
publish and make available to the public a summary of the
information submitted by the providers of incentives through the
required annual report; DED's summary is to include information
on the amount and type of incentives provided and rates of goal
achievement among recipients of incentives.  The bill's
provisions apply to all economic incentives awarded or received
after December 31, 2001.