Ind. Code ch. 5-28-28

in effect

Ind. Code § 5-28-28-1 Applicability

Sec. 1. This chapter applies to grants, loans, and tax credits: (1) applied for; and (2) awarded; after June 30, 2005. As added by P.L.222-2007, SEC.1. Amended by P.L.175-2013, SEC.4.

Ind. Code § 5-28-28-2 "Grant"

Sec. 2. As used in this chapter, "grant" refers to a grant given by the corporation. As added by P.L.222-2007, SEC.1.

Sec. 3. As used in this chapter, "loan": (1) refers to a loan made by the corporation, regardless of whether the loan is forgivable; and (2) includes a loan guarantee made by the corporation. As added by P.L.222-2007, SEC.1.

Ind. Code § 5-28-28-4 "Tax credit"

Sec. 4. As used in this chapter, "tax credit" means a state tax liability credit under any of the following: (1) IC 6-3.1-7 (before its expiration). (2) IC 6-3.1-13. (3) IC 6-3.1-26. (4) IC 6-3.1-30. (5) IC 6-3.1-34. As added by P.L.222-2007, SEC.1. Amended by P.L.133-2012, SEC.48; P.L.175-2013, SEC.5; P.L.288-2013, SEC.2; P.L.190-2014, SEC.12; P.L.238-2017, SEC.7; P.L.158-2019, SEC.1; P.L.214-2019, SEC.3; P.L.156-2020, SEC.13.

Ind. Code § 5-28-28-5 Corporation to publish an economic incentives and compliance report

Sec. 5. (a) The corporation shall: (1) submit an economic incentives and compliance report to: (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 website; on the schedule specified in subsection (b). (b) The corporation shall submit and publish before February 1 of each year an incentives and compliance report that provides updated information for active incentive agreements approved and awarded after January 1, 2005, through the immediately preceding calendar year. As added by P.L.222-2007, SEC.1. Amended by P.L.175-2013, SEC.6; P.L.145-2016, SEC.21; P.L.1-2025, SEC.74.

Ind. Code § 5-28-28-6 Economic incentives and compliance report; required elements

Sec. 6. The economic incentives and compliance report required under section 5 of this chapter must include at least the following: (1) The total for each of the following: (A) The number and amount of tax credits, loans, and grants contractually awarded by the corporation. (B) The amount of investments made by the recipients of the tax credits, loans, and grants. (C) The number of actual jobs created and the number of jobs expected through the reporting year, as reviewed by an independent auditing firm chosen by the corporation. (D) The amount of recaptured incentives for the reporting year and the total number of recipients. (E) The number and amount of tax credits claimed for the reporting year, as reported by the department of state revenue to the corporation by December 31 of each year. (2) With respect to each recipient of a tax credit, loan, or grant referred to in subdivision (1), the following: (A) The name, county, and municipality (if any) of the recipient. (B) The amount of tax credits certified to the recipient, and the amount of grants and loans actually paid out, during the term of the agreement. (C) The purpose of the tax credit, loan, or grant. (D) The performance goals for the reporting year, including the following: (i) Numbers of employees to be hired, retained, or trained. (ii) If a financial investment by the recipient was a condition for providing an incentive, the amount of the financial investment that the recipient expects to make in Indiana as a result of the project for which the incentive was granted. (E) Certification by the corporation that the recipient is complying with the terms of the incentive agreement. As added by P.L.222-2007, SEC.1. Amended by P.L.175-2013, SEC.7; P.L.2-2014, SEC.17.

Ind. Code § 5-28-28-7 Investigating failure to comply with incentive agreement; reclaiming grants, loans, or incentives

Sec. 7. (a) If, in the course of compiling information to complete a report required by section 5 of this chapter or upon the receipt of any other information concerning noncompliance with the terms and conditions of an incentive granted by the corporation, the corporation determines that a recipient of an incentive awarded by the corporation has not complied with the terms of the incentive agreement, the corporation shall take the actions required under subsections (b) and (d). (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. As added by P.L.222-2007, SEC.1. Amended by P.L.110-2010, SEC.12; P.L.175-2013, SEC.8.

Ind. Code § 5-28-28-8 Incentive recapture; waiver or modification

Sec. 8. (a) As used in this section, "recapture provision" means language that requires the recipient of an incentive to repay some part of the incentive. (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 an incentive if the corporation determines that the recipient of an incentive awarded by the corporation has failed to meet a condition for receiving the incentive because of circumstances beyond the recipient's control, including: (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. As added by P.L.110-2010, SEC.13.

Ind. Code § 5-28-28-9 Economic incentives and compliance report; statistical summary required

Sec. 9. (a) The economic incentives and compliance report required under section 5 of this chapter must include an annual report containing summary statistics on the effectiveness of and compliance with all incentives granted by the corporation. The report required by this section must describe: (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. The report must also be submitted to the general assembly in an electronic format under IC 5-14-6. (b) Upon request, the corporation shall make available: (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. As added by P.L.110-2010, SEC.14. Amended by P.L.145-2016, SEC.22.

Ind. Code § 5-28-28-10 Economic incentives and compliance report

Sec. 10. In addition to the other requirements of this chapter, the economic incentives and compliance report must also include a detailed report on the following programs, resources, or activities for which the corporation is responsible: (1) The economic development fund under IC 5-28-8. (2) The Indiana twenty-first century research and technology fund under IC 5-28-16. (3) Small business development under IC 5-28-17. (4) The small business development fund established under IC 5-28-18-7. (5) The small business incubator program under IC 5-28-21. (6) Efforts to promote business modernization of and the adoption of technology by Indiana businesses under IC 5-28-23. (7) An evaluation of the economic development for a growing economy tax credit under IC 6-3.1-13-24. (8) An evaluation of the Hoosier business investment tax credit under IC 6-3.1-26-25. (9) Beginning in 2023, an evaluation of the redevelopment tax credit under IC 6-3.1-34-21. As added by P.L.133-2012, SEC.49. Amended by P.L.130-2018, SEC.18; P.L.158-2019, SEC.2.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026