This legislation requires counties that expend $35,000 or more stimulating economic development through bonds, grants, loans, loan guarantees, enterprise zones, tax increment financing, fee waivers, land price subsidies, matching funds, tax abatements, tax exemptions or tax credits to cross check job creation and other performance data or conduct periodic audits of corporations that receives such development subsidies.  If the corporation fails to maintain wage and benefit achievements during the development subsidy or five years (whichever is longer), then the value of the development subsidy must be reduced on a prorated bases.  If the corporation has already accrued the development subsidy, then the state can recapture the subsidy reduction.

If the county fails to enforce any provision in this legislation, any individual who paid personal income taxes or any organization representing such taxpayers may sue to compel enforcement action.  If the plaintiff wins, he or she is entitled to recover attorney's fees and court costs. 

Counties are required to publish summary statitstics about enforcement, as well as a list of corporations that have received development subsidies on their websites. All records prepared or maintained pursuant to this legislation are open records.

This legislation establishes a mandatory pool for collateralizing public deposits for the 10 largest banks in the state. Other banks can participate voluntarily. The pool allows for cross collateralization to address new federal regulations implemented this year on the larger banks that increases their required collateralization of public deposits.