Indiana Administrative Code Title 55 - INDIANA ECONOMIC DEVELOPMENT CORPORATION
Indiana Administrative Code
Title 55: Indiana Economic Development Corporation
Overview
Title 55 of the Indiana Administrative Code contains rules and regulations related to the Indiana Economic Development Corporation (IEDC).
The IEDC is the state agency responsible for promoting economic growth, job creation, and investment in Indiana.
The regulations govern the administration of economic development programs, incentives, grants, loans, and partnerships to stimulate business growth and community development.
Key Areas Covered
Economic Development Programs
Description of various programs aimed at attracting and retaining businesses.
Guidelines for eligibility, application processes, and program requirements.
Examples include tax credits, workforce training grants, infrastructure funding, and site development assistance.
Incentive Administration
Rules for awarding state economic incentives to qualifying businesses.
Criteria for qualification, including job creation, capital investment, and industry priorities.
Reporting and compliance requirements for recipients.
Grant and Loan Programs
Procedures for applying for state grants and loans.
Terms and conditions governing the use of funds.
Monitoring and accountability provisions.
Partnerships and Collaborations
Guidelines for working with local governments, regional economic development organizations, and private entities.
Coordination of efforts to maximize economic impact.
Reporting and Transparency
Requirements for public reporting on program outcomes and financial expenditures.
Transparency measures to ensure public accountability.
Governance and Administration
Rules related to the governance structure of the IEDC.
Responsibilities of board members, staff, and contractors.
Procedures for rulemaking, public participation, and administrative hearings.
Purpose
To provide a regulatory framework for administering Indiana’s economic development initiatives.
To ensure that economic incentives and resources are allocated fairly and effectively.
To support job growth, innovation, and sustainable development across the state.
To promote transparency and accountability in public economic development efforts.
Enforcing Authority
The Indiana Economic Development Corporation administers and enforces the rules.
The IEDC Board of Directors provides oversight.
Coordination with other state agencies, such as the Indiana Department of Revenue, for tax incentive compliance.
Significance
Facilitates the growth of Indiana’s economy by attracting investment and supporting businesses.
Encourages job creation and workforce development.
Ensures efficient use of public funds through structured programs.
Enhances transparency and public trust in economic development efforts.
Summary Table
| Area | Description |
|---|---|
| Economic Development Programs | Job creation incentives, workforce grants, infrastructure |
| Incentive Administration | Eligibility, awards, compliance |
| Grants and Loans | Application, terms, monitoring |
| Partnerships | Collaboration with local and private sectors |
| Reporting and Transparency | Public reporting, accountability |
| Governance | Board roles, rulemaking, administrative procedures |
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