Senate Sponsors: LAUZEN-WELCH-OBAMA. House Sponsors: FRANKS-DELGADO Short description: ECON ASSIST ACCOUNTABILITY ACT Synopsis of Bill as introduced: Creates the State Economic Assistance Refund Act. Provides that if a business organization receives State economic assistance and then closes a facility at which it does business in this State not more than 5 years after receiving the assistance, the organization must repay to the State the full amount of State economic assistance that it received. If the organization closes a facility more that 5 years but not more than 10 years after receiving the assistance, the organization must repay to the State 50% of the State economic assistance that it received. No repayment is required if the organization closes a facility more than 10 years after receiving the assistance. Effective immediately. SENATE AMENDMENT NO. 1. Deletes everything after the enacting clause. Creates the State Economic Assistance Accountability Act. States the requirements for State economic assistance in the form of tax credits, tax exemptions, grants, and loans provided to business organizations by DCCA. Provides that such assistance must be based on a written incentive agreement, and requires that such an agreement contain certain provisions concerning the consequences of a business organization's failure to make the requisite level of capital investment or to create or retain the specified number of jobs within the specified time period. Provides that the Act applies to all State economic assistance given by DCCA on or after the Act's effective date. Effective immediately. Last action on Bill: TOTAL VETO STANDS Last action date: NOV-15-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status