Bill Text: IN SB0316 | 2013 | Regular Session | Introduced
Bill Title: Economic development incentive accountability.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2013-01-08 - First reading: referred to Committee on Tax and Fiscal Policy [SB0316 Detail]
Download: Indiana-2013-SB0316-Introduced.html
Citations Affected: IC 5-14-3; IC 5-28; IC 6-3.1-13.5-12.
Synopsis: Economic development incentive accountability. Adds
various job and employee definitions to the Indiana economic
development corporation (IEDC) laws. Requires that all records related
to taxpayer funded economic development incentives must be disclosed
under the open records law. Requires that the IEDC's annual job
creation incentives and compliance report must be published on the
Indiana transparency portal Internet web site. Requires the IEDC and
the department of state revenue to compile information on all job
creation incentives granted, including the aggregate amount of
uncollected or diverted state tax revenues resulting from each
incentive, and requires that this information must be included as part
of the IEDC's annual job creation incentives and compliance report.
Requires the IEDC to recapture job creation incentives from a recipient
that: (1) fails to make the level of capital investment; (2) fails to create
or retain the promised number of jobs; or (3) pays less in wages; than
specified in an incentive agreement. Requires the IEDC to compile
information on all recapture activities and incentives recouped from
unfulfilled commitments and to include the information as part of the
IEDC's annual job creation incentives and compliance report. Requires
incentive recipients to prepare an annual progress report on the number
of jobs created or retained, employee pay, and various other
information concerning the use of the incentives, and requires the
IEDC to compile this information and include it in the IEDC's annual
job creation incentives and compliance report. Repeals and replaces the
definition of "job creation incentive" without change to maintain
alphabetical order. Repeals a duplicate statute concerning the
requirement that the IEDC disclose the terms of a final incentive offer.
Makes technical corrections.
Effective: July 1, 2013.
January 8, 2013, read first time and referred to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.
(1) Those declared confidential by state statute.
(2) Those declared confidential by rule adopted by a public agency under specific authority to classify public records as confidential granted to the public agency by statute.
(3) Those required to be kept confidential by federal law.
(4) Records containing trade secrets.
(5) Confidential financial information obtained, upon request, from a person. However, this does not include information that is filed with or received by a public agency pursuant to state statute.
(6) Information concerning research, including actual research documents, conducted under the auspices of a state educational institution, including information:
(A) concerning any negotiations made with respect to the research; and
(B) received from another party involved in the research.
(7) Grade transcripts and license examination scores obtained as part of a licensure process.
(8) Those declared confidential by or under rules adopted by the supreme court of Indiana.
(9) Patient medical records and charts created by a provider, unless the patient gives written consent under IC 16-39 or as provided under IC 16-41-8.
(10) Application information declared confidential by the board of the Indiana economic development corporation under IC 5-28-16.
(11) A photograph, a video recording, or an audio recording of an autopsy, except as provided in IC 36-2-14-10.
(12) A Social Security number contained in the records of a public agency.
(13) The following information that is part of a foreclosure action subject to IC 32-30-10.5:
(A) Contact information for a debtor, as described in IC 32-30-10.5-8(d)(2)(B).
(B) Any document submitted to the court as part of the debtor's loss mitigation package under IC 32-30-10.5-10(a)(3).
(b) Except as otherwise provided by subsection (a), the following public records shall be excepted from section 3 of this chapter at the discretion of a public agency:
(1) Investigatory records of law enforcement agencies. However, certain law enforcement records must be made available for inspection and copying as provided in section 5 of this chapter.
(2) The work product of an attorney representing, pursuant to state employment or an appointment by a public agency:
(A) a public agency;
(B) the state; or
(C) an individual.
(3) Test questions, scoring keys, and other examination data used
in administering a licensing examination, examination for
employment, or academic examination before the examination is
given or if it is to be given again.
(4) Scores of tests if the person is identified by name and has not
consented to the release of the person's scores.
(5) The following:
(A) Records relating to negotiations between the Indiana
economic development corporation, the ports of Indiana, the
Indiana state department of agriculture, the Indiana finance
authority, an economic development commission, a local
economic development organization (as defined in
IC 5-28-11-2(3)), or a governing body of a political
subdivision with industrial, research, or commercial prospects,
if the records are created while negotiations are in progress.
(B) Notwithstanding clause (A), the terms of the final offer of
public financial resources communicated by the Indiana
economic development corporation, the ports of Indiana, the
Indiana finance authority, an economic development
commission, or a governing body of a political subdivision to
an industrial, a research, or a commercial prospect shall be
available for inspection and copying under section 3 of this
chapter after negotiations with that prospect have terminated.
(C) When disclosing a final offer under clause (B), the Indiana
economic development corporation shall certify that the
information being disclosed accurately and completely
represents the terms of the final offer.
This subdivision does not apply to any information submitted
by a recipient of an incentive granted by the Indiana economic
development corporation to comply with the reporting
requirements of IC 5-28-28-11.
(6) Records that are intra-agency or interagency advisory or
deliberative material, including material developed by a private
contractor under a contract with a public agency, that are
expressions of opinion or are of a speculative nature, and that are
communicated for the purpose of decision making.
(7) Diaries, journals, or other personal notes serving as the
functional equivalent of a diary or journal.
(8) Personnel files of public employees and files of applicants for
public employment, except for:
(A) the name, compensation, job title, business address,
business telephone number, job description, education and
training background, previous work experience, or dates of
first and last employment of present or former officers or
employees of the agency;
(B) information relating to the status of any formal charges
against the employee; and
(C) the factual basis for a disciplinary action in which final
action has been taken and that resulted in the employee being
suspended, demoted, or discharged.
However, all personnel file information shall be made available
to the affected employee or the employee's representative. This
subdivision does not apply to disclosure of personnel information
generally on all employees or for groups of employees without the
request being particularized by employee name.
(9) Minutes or records of hospital medical staff meetings.
(10) Administrative or technical information that would
jeopardize a record keeping or security system.
(11) Computer programs, computer codes, computer filing
systems, and other software that are owned by the public agency
or entrusted to it and portions of electronic maps entrusted to a
public agency by a utility.
(12) Records specifically prepared for discussion or developed
during discussion in an executive session under IC 5-14-1.5-6.1.
However, this subdivision does not apply to that information
required to be available for inspection and copying under
subdivision (8).
(13) The work product of the legislative services agency under
personnel rules approved by the legislative council.
(14) The work product of individual members and the partisan
staffs of the general assembly.
(15) The identity of a donor of a gift made to a public agency if:
(A) the donor requires nondisclosure of the donor's identity as
a condition of making the gift; or
(B) after the gift is made, the donor or a member of the donor's
family requests nondisclosure.
(16) Library or archival records:
(A) which can be used to identify any library patron; or
(B) deposited with or acquired by a library upon a condition
that the records be disclosed only:
(i) to qualified researchers;
(ii) after the passing of a period of years that is specified in
the documents under which the deposit or acquisition is
made; or
(iii) after the death of persons specified at the time of the
acquisition or deposit.
However, nothing in this subdivision shall limit or affect contracts
entered into by the Indiana state library pursuant to IC 4-1-6-8.
(17) The identity of any person who contacts the bureau of motor
vehicles concerning the ability of a driver to operate a motor
vehicle safely and the medical records and evaluations made by
the bureau of motor vehicles staff or members of the driver
licensing medical advisory board regarding the ability of a driver
to operate a motor vehicle safely. However, upon written request
to the commissioner of the bureau of motor vehicles, the driver
must be given copies of the driver's medical records and
evaluations.
(18) School safety and security measures, plans, and systems,
including emergency preparedness plans developed under 511
IAC 6.1-2-2.5.
(19) A record or a part of a record, the public disclosure of which
would have a reasonable likelihood of threatening public safety
by exposing a vulnerability to terrorist attack. A record described
under this subdivision includes:
(A) a record assembled, prepared, or maintained to prevent,
mitigate, or respond to an act of terrorism under IC 35-47-12-1
or an act of agricultural terrorism under IC 35-47-12-2;
(B) vulnerability assessments;
(C) risk planning documents;
(D) needs assessments;
(E) threat assessments;
(F) intelligence assessments;
(G) domestic preparedness strategies;
(H) the location of community drinking water wells and
surface water intakes;
(I) the emergency contact information of emergency
responders and volunteers;
(J) infrastructure records that disclose the configuration of
critical systems such as communication, electrical, ventilation,
water, and wastewater systems; and
(K) detailed drawings or specifications of structural elements,
floor plans, and operating, utility, or security systems, whether
in paper or electronic form, of any building or facility located
on an airport (as defined in IC 8-21-1-1) that is owned,
occupied, leased, or maintained by a public agency. A record
described in this clause may not be released for public
inspection by any public agency without the prior approval of
the public agency that owns, occupies, leases, or maintains the
airport. The public agency that owns, occupies, leases, or
maintains the airport:
(i) is responsible for determining whether the public
disclosure of a record or a part of a record has a reasonable
likelihood of threatening public safety by exposing a
vulnerability to terrorist attack; and
(ii) must identify a record described under item (i) and
clearly mark the record as "confidential and not subject to
public disclosure under IC 5-14-3-4(b)(19)(J) without
approval of (insert name of submitting public agency)".
This subdivision does not apply to a record or portion of a record
pertaining to a location or structure owned or protected by a
public agency in the event that an act of terrorism under
IC 35-47-12-1 or an act of agricultural terrorism under
IC 35-47-12-2 has occurred at that location or structure, unless
release of the record or portion of the record would have a
reasonable likelihood of threatening public safety by exposing a
vulnerability of other locations or structures to terrorist attack.
(20) The following personal information concerning a customer
of a municipally owned utility (as defined in IC 8-1-2-1):
(A) Telephone number.
(B) Address.
(C) Social Security number.
(21) The following personal information about a complainant
contained in records of a law enforcement agency:
(A) Telephone number.
(B) The complainant's address. However, if the complainant's
address is the location of the suspected crime, infraction,
accident, or complaint reported, the address shall be made
available for public inspection and copying.
(22) Notwithstanding subdivision (8)(A), the name,
compensation, job title, business address, business telephone
number, job description, education and training background,
previous work experience, or dates of first employment of a law
enforcement officer who is operating in an undercover capacity.
(23) Records requested by an offender that:
(A) contain personal information relating to:
(i) a correctional officer (as defined in IC 5-10-10-1.5);
(ii) a law enforcement officer (as defined in
IC 35-31.5-2-185);
(iii) a judge (as defined in IC 33-38-12-3);
(iv) the victim of a crime; or
(v) a family member of a correctional officer, law enforcement officer (as defined in IC 35-31.5-2-185), judge (as defined in IC 33-38-12-3), or victim of a crime; or
(B) concern or could affect the security of a jail or correctional facility.
(24) Information concerning an individual less than eighteen (18) years of age who participates in a conference, meeting, program, or activity conducted or supervised by a state educational institution, including the following information regarding the individual or the individual's parent or guardian:
(A) Name.
(B) Address.
(C) Telephone number.
(D) Electronic mail account address.
(c) Nothing contained in subsection (b) shall limit or affect the right of a person to inspect and copy a public record required or directed to be made by any statute or by any rule of a public agency.
(d) Notwithstanding any other law, a public record that is classified as confidential, other than a record concerning an adoption or patient medical records, shall be made available for inspection and copying seventy-five (75) years after the creation of that record.
(e) Only the content of a public record may form the basis for the adoption by any public agency of a rule or procedure creating an exception from disclosure under this section.
(f) Except as provided by law, a public agency may not adopt a rule or procedure that creates an exception from disclosure under this section based upon whether a public record is stored or accessed using paper, electronic media, magnetic media, optical media, or other information storage technology.
(g) Except as provided by law, a public agency may not adopt a rule or procedure nor impose any costs or liabilities that impede or restrict the reproduction or dissemination of any public record.
(h) Notwithstanding subsection (d) and section 7 of this chapter:
(1) public records subject to IC 5-15 may be destroyed only in accordance with record retention schedules under IC 5-15; or
(2) public records not subject to IC 5-15 may be destroyed in the ordinary course of business.
discretion of the corporation if the records are created while
negotiations are in progress.
(b) Notwithstanding subsection (a), the terms of the final offer of
public financial resources communicated by the corporation to an
industrial, a research, or a commercial prospect shall be available for
inspection and copying under section 3 of this chapter after
negotiations with that prospect have terminated.
(c) When disclosing a final offer under subsection (b), the
corporation shall certify that the information being disclosed accurately
and completely represents the terms of the final offer.
(b) The term does not include a temporary job.
(1) is first employed by the recipient of a job creation incentive at the specific project site that is the subject of the job creation incentive agreement executed by the corporation
and the applicant; and
(2) is employed by the recipient of a job creation incentive
after the recipient enters into the job creation incentive
agreement.
(1) who has a full-time or full-time equivalent job at a specific facility or site;
(2) the continuance of whose job is threatened by a specific and demonstrable threat, as specified by the applicant in the application for a job creation incentive; and
(3) whose job is preserved.
(b) All records required to be prepared or maintained under this article, including any cost analyses, audits, recipient compliance reports, and any other records or proceedings of the corporation, must be disclosed as provided by IC 5-14-3. In addition, if the corporation contracts with an entity to perform a cost analysis as part of a determination by the corporation of whether to provide a job creation incentive and the estimated contract price exceeds twenty-five thousand dollars ($25,000), that cost analysis must be disclosed as provided by IC 5-14-3.
(1) Cooperate with federal, state, and local governments and agencies in the coordination of programs to make the best use of Indiana resources, based on a statewide study to determine specific economic sectors that should be emphasized by the state and by local economic development organizations within geographic regions in Indiana, and encourage collaboration with local economic development organizations within geographic regions in Indiana and with the various state economic development organizations within the states contiguous to Indiana.
(2) Receive and expend funds, grants, gifts, and contributions of money, property, labor, interest accrued from loans made by the corporation, and other things of value from public and private sources, including grants from agencies and instrumentalities of the state and the federal government. The corporation:
(A) may accept federal grants for providing planning assistance, making grants, or providing other services or functions necessary to political subdivisions, planning commissions, or other public or private organizations;
(B) shall administer these grants in accordance with the terms of the grants; and
(C) may contract with political subdivisions, planning commissions, or other public or private organizations to carry out the purposes for which the grants were made.
(3) Direct that assistance, information, and advice regarding the duties and functions of the corporation be given to the corporation by an officer, agent, or employee of the executive branch of the state. The head of any other state department or agency may assign one (1) or more of the department's or agency's employees to the corporation on a temporary basis or may direct a division or an agency under the department's or agency's supervision and control to make a special study or survey requested by the corporation.
(b) The corporation shall perform the following duties:
(1) Develop and implement industrial development programs to encourage expansion of existing industrial, commercial, and
business facilities in Indiana and to encourage new industrial,
commercial, and business locations in Indiana.
(2) Assist businesses and industries in acquiring, improving, and
developing overseas markets and encourage international plant
locations in Indiana. The corporation, with the approval of the
governor, may establish foreign offices to assist in this function.
(3) Promote the growth of minority business enterprises by doing
the following:
(A) Mobilizing and coordinating the activities, resources, and
efforts of governmental and private agencies, businesses, trade
associations, institutions, and individuals.
(B) Assisting minority businesses in obtaining governmental
or commercial financing for expansion or establishment of
new businesses or individual development projects.
(C) Aiding minority businesses in procuring contracts from
governmental or private sources, or both.
(D) Providing technical, managerial, and counseling assistance
to minority business enterprises.
(4) Assist the office of the lieutenant governor in:
(A) community economic development planning;
(B) implementation of programs designed to further
community economic development; and
(C) the development and promotion of Indiana's tourist
resources.
(5) Assist the secretary of agriculture and rural development in
promoting and marketing of Indiana's agricultural products and
provide assistance to the director of the Indiana state department
of agriculture.
(6) With the approval of the governor, implement federal
programs delegated to the state to carry out the purposes of this
article.
(7) Promote the growth of small businesses by doing the
following:
(A) Assisting small businesses in obtaining and preparing the
permits required to conduct business in Indiana.
(B) Serving as a liaison between small businesses and state
agencies.
(C) Providing information concerning business assistance
programs available through government agencies and private
sources.
(8) Establish a public information page on its current Internet site
on the world wide web. The page must provide the following:
(A) The job creation incentives and compliance report required by IC 5-28-28-5.
(B) A mechanism on the page whereby the public may request further information online about specific programs or incentives awarded.
(C) A mechanism for the public to receive an electronic response.
(c) The corporation may do the following:
(1) Disseminate information concerning the industrial, commercial, governmental, educational, cultural, recreational, agricultural, and other advantages of Indiana.
(2) Plan, direct, and conduct research activities.
(3) Assist in community economic development planning and the implementation of programs designed to further community economic development.
(1) The number of individuals that are expected to be employed by the applicant.
(2) A requirement that the applicant will file with the compliance officer an annual compliance report
(3) A provision that notifies the applicant that the applicant is subject to a determination of the corporation under this subdivision. The corporation, after a finding that the applicant is employing fewer individuals than the applicant agreed to employ under subdivision (1), subject to any confidentiality laws, shall hold a hearing to determine if the applicant shall be required to pay back to the state a part of the incentive granted to the applicant under the agreement. The penalty imposed must be a matter of public record and must reflect in a fair and balanced way the amount of incentive received.
(4) A
(A) moves or closes;
(B) does not make the level of capital investment specified by the applicant in the application for the job creation incentive;
(C) employs fewer individuals than specified by the applicant in the application for the job creation incentive; or
(D) pays less in wages than specified by the applicant in the application for the job creation incentive.
(1)
(A) the governor; and
(B) the legislative council in an electronic format under IC 5-14-6; and
(2) publish the report on the corporation's Internet web site and on the Indiana transparency portal Internet web site.
(b)
(1) The total amount of each of the following:
(A) Tax credits approved or awarded by the corporation, including the aggregate amount of uncollected or diverted state tax revenues resulting from each tax credit, as
reported to the department of state revenue on tax returns
filed during the state fiscal year that ends immediately
before the due date of the report. Before July 15 each year,
the department of state revenue shall submit to the
corporation the information necessary for the corporation
to include these aggregate amounts in the corporation's
report.
(B) Loans made by the corporation.
(C) Grants made by the corporation.
(2) With respect to each recipient of a tax credit, loan, or grant
referred to in subdivision (1):
(A) The name and address of the recipient.
(B) The amount of the tax credit, loan, or grant.
(C) The purpose of the tax credit, loan, or grant.
(D) Representations of the following made by the recipient at
the time of application for the tax credit, loan, or grant:
(i) Numbers of employees to be hired, retained, or trained.
(ii) Certification by the corporation that each recipient is
meeting the program requirements and representations made
in the recipient's application concerning the wages and
compensation provided to employees who have been or are
to be hired, trained, or retrained.
(iii) Other benefits to be provided to employees to be hired,
retained, or trained.
(E) The extent to which the recipient has complied with the
representations referred to in clause (D).
(3) A summary of the information submitted by certified
technology parks as part of the corporation's review under
IC 36-7-32-11.
(4) All data in all compliance reports submitted under section
11 of this chapter.
(5) By program, cumulative information on the total amount
of job creation incentives awarded, the total number of
companies that received the job creation incentives and were
assisted in a year, and the names and addresses of those
companies.
incentive granted by the corporation, the corporation determines that
a recipient of an incentive awarded by the corporation has not complied
with the representations that the recipient made in obtaining the
incentive, the corporation shall take the actions required under
subsections subsection (b) and or (d), whichever applies.
(b) If the incentive is a grant or loan awarded before April 1, 2010,
the corporation shall determine:
(1) whether there was good cause for the noncompliance; and
(2) whether the recipient is in default.
If in the judgment of the corporation there is not good cause for any
noncompliance discovered under subsection (a), the corporation may
seek a refund or arrange other methods of reclaiming the grant or loan
from the recipient. If the corporation does seek a refund or otherwise
reclaims a grant or loan from the recipient under this section, the
amount of the refund or reclaimed part must be in proportion to the
degree of default by the recipient as determined by the corporation.
(c) Subsection (b) does not apply to a recipient of a grant or loan if:
(1) the grant or loan has been disbursed on a pro rata basis; and
(2) in the judgment of the corporation, the recipient's performance
in relation to the recipient's performance goals equals or exceeds
the ratio of the amount of the recipient's actual benefit from the
grant or loan to the total amount of the grant or loan originally
contemplated in the grant or loan award.
(d) If the incentive granted by the corporation was awarded after
March 31, 2010, the corporation shall seek a refund or arrange other
methods of reclaiming the value of the incentive granted by the
corporation from the recipient. The amount of the refund or reclaimed
part must be in proportion to the degree of default by the recipient as
determined by the corporation.
(b) The corporation may waive or modify a recapture provision of this article or an agreement made with a person to whom the corporation has awarded
(1) natural disaster;
(2) unforeseen industry trends;
(3) lack of available labor force;
(4) loss of a major supplier or market; or
(5) another circumstance beyond the recipient's control, as determined by the corporation.
(1) the overall compliance with the terms and conditions of incentives provided; and
(2) penalties imposed for failure to comply with the terms and conditions of incentives provided, including a description of the outcomes and effectiveness of recapture provisions, organized by the job creation incentive program, along with at least the following information:
(A) The total number of companies receiving a job creation incentive.
(B) The total number of recipients in violation of a job creation incentive agreement.
(C) The total number of recapture efforts initiated.
(D) The total number of recapture efforts completed.
(E) The number of recapture waivers granted.
(b) Upon request, the corporation shall make available as a public record under IC 5-14-3:
(1) information specifying each person's compliance with its incentive agreement and any incentive that had to be reduced or paid back as a result of noncompliance with an incentive agreement;
(2) information stating, for each incentive recipient, the total incentive provided for each job created, computed from the date the incentive is granted through June 30 of the year of the report;
(3) information concerning all waivers or modifications under section 8 of this chapter; and
(4) information describing all hearings and determinations under IC 5-28-6-6.
(1) Each application tracking number.
(2) The recipient's:
(A) office mailing address;
(B) telephone number; and
(C) six (6) digit North American Industry Classification System (NAICS) code assigned to industries in the NAICS Manual of the United States Office of Management and Budget;
and the name of the recipient's chief officer or authorized designee for the specific project site for which the job creation incentive was approved.
(3) The job creation incentive program and value of the job creation incentive that was approved by the corporation.
(4) The total number of the recipient's employees at the specific project site on the date on which the application was submitted to the corporation, and the total number of the recipient's employees at the specific project site on the date of the report, including, for each date:
(A) the number of employees with full-time, permanent jobs;
(B) the number of employees with part-time jobs; and
(C) the number of employees with temporary jobs;
and a computation of the increase or decrease in the number of employees within each category set forth in clauses (A) through (C) between the date of submission of the application and the date of the report.
(5) The number of:
(A) jobs for new employees that the recipient promised in the job creation incentive agreement the recipient would create; and
(B) jobs for retained employees that the recipient promised in the job creation incentive agreement the recipient would retain;
broken down by full-time, permanent jobs, part-time jobs, and temporary jobs.
(6) A declaration of whether the recipient is in compliance with each term and condition of the job creation incentive agreement.
(7) The following for the full-time, permanent jobs that the recipient created or retained as a result of the job creation incentive:
(A) A detailed list of:
(i) the occupations; or
(ii) job classifications;
of the jobs.
(B) A schedule of the starting dates for the new employees hired for the jobs.
(C) The actual average wage paid to employees with the jobs, broken down by occupation or job classification.
(D) The total payroll for new employees and retained employees with these jobs.
(8) A narrative, if necessary, stating whether and, if so, how the recipient's use of the job creation incentive during the reporting year has reduced unemployment at any site in Indiana.
(9) A certification by the chief officer of the recipient or the chief officer's authorized designee that the information in the compliance report contains no knowing misrepresentation of material facts upon which eligibility for the job creation incentive is based.
(10) Any other information the corporation considers necessary to ensure compliance with the job creation incentive program.
(b) The corporation may verify information contained in the recipient's compliance report, including inspecting the specific project site and inspecting the records of the recipient that relate to the job creation incentive agreement.
(c) If a recipient of a job creation incentive fails to comply with subsection (a), the corporation shall suspend all current job creation incentives being provided to the recipient, effective the immediately following October 1. In addition, the corporation is prohibited from completing any current job creation incentive or providing any future job creation incentive until the corporation receives proof that the recipient has complied with subsection (a).
SECTION 90, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 12. (a) If a taxpayer receives a credit under this
chapter, the equipment, machinery, facilities improvements, facilities,
buildings, or foundations for which the credit was granted must be fully
installed or completed not more than five (5) years after the corporation
issues a letter under section 10 of this chapter certifying that the
taxpayer is entitled to claim the credit.
(b) If a taxpayer receives a credit under this chapter and does not
make the qualified investment (or a part of the qualified investment)
for which the credit was granted within the time required by subsection
(a), the corporation may shall require the taxpayer to repay the
following:
(1) The additional amount of state tax liability that would have
been paid by the taxpayer if the credit had not been granted for
the qualified investment (or part of the qualified investment) that
was not made by the taxpayer within the time required by
subsection (a).
(2) Interest at a rate established under IC 6-8.1-10-1(c) on the
additional amount of state tax liability referred to in subdivision
(1).
