§ 5-28-28-8 — Incentive recapture; waiver or modification

Indiana § 5-28-28-8

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 28: State Economic Incentives and Compliance Report

Text

(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.

Legislative History

As added by P.L.110-2010, SEC.13.