The bill aims to enhance government transparency regarding local economic development incentive programs by requiring local governments to report specific information to the Secretary of Commerce. It defines various economic development incentive programs, including those administered by the Secretary of Commerce and local government-based programs. The Secretary of Commerce is mandated to maintain a publicly accessible database that includes comprehensive and searchable information about these programs, including details on recipients, annual incentives, and program compliance. The bill also establishes a timeline for local governments to provide this information, with stricter requirements for programs commencing after July 1, 2025.

Key amendments to existing law include the requirement for local governments to submit all available information on active economic development incentive programs that provide over $50,000 in annual incentives. The database must allow users to search by various criteria and generate reports summarizing the total incentives awarded. Additionally, the bill repeals previous sections of the law that are being replaced by these new provisions. The Secretary of Commerce is also authorized to impose a nominal administrative fee on recipients to cover the costs of maintaining the database.

Statutes affected:
As introduced: 74-50, 45-215
As Amended by House Committee: 74-50
As Amended by Senate Committee: 74-50
Enrolled: 74-50