Indiana will take part in an 18-month business incentives initiative. The effort by the Pew Charitable Trusts is designed to establish best practices for economic development incentives. Indiana is one of seven states that will participate. April 9, 2014
Indianapolis – The Pew Charitable Trusts has named Indiana as one of seven states to participate in its 18-month Business Incentives Initiative, conducted in partnership with the Center for Regional Economic Competitiveness, to identify best practices when it comes to business incentives for economic development and meeting the public’s need for transparency. More information about the project can be found here: http://www.pewstates.org/news-room/press-releases/the-business-incentives-initiative-85899542849.
“Indiana remains committed to delivering both a business-friendly climate for job creators and a high level of transparency for Hoosier taxpayers,” said Governor Pence. “By participating in this study and evaluating the way our state conducts business, we will ensure Indiana continues to maintain a competitive edge and provides Hoosiers with the top-notch, open and accountable service they deserve.”
Indiana, through the efforts of multiple agencies including the State Budget Agency, the Indiana Economic Development Corporation, and the Department of Revenue, applied to participate in the effort in February of 2014.
The project will involve teams from seven states including Louisiana, Maryland, Michigan, Oklahoma, Tennessee, and Virginia and will help:
• Identify effective ways to manage and assess economic development incentive policies and practices.
• Improve data collection and reporting on incentive investments.
• Develop national standards and best practices that states can use to successfully gather and report data on economic development incentives.
“Pew is partnering with Indiana to enhance the quality of information available to determine which tax incentives work, which do not, and how these programs can be improved,” said Jeff Chapman, who manages The Pew Charitable Trusts’ project on economic development incentives.
Last month, the Governor announced the first-ever State performance and data analytics tool, the Management and Performance Hub (MPH), that will increase the efficiency and effectiveness of Indiana State Government and build upon existing transparency efforts to provide a more user-friendly and personalized interface for Hoosiers.Source: Office of the Indiana Governor