How Well Will Indiana Compete?

Hershman Calls for Immediate, Bipartisan Review of Economic Development Practices Used by Other States

INDIANA STATEHOUSE - "There will be leaders and followers as America's economy emerges from the recession and I want to make certain Indiana tax laws and economic development efforts position our state and our fellow Hoosiers to compete effectively," State Sen. Brandt Hershman (R-Wheatfield) said.

The Republican lawmaker is calling for the creation of a legislative study committee that will conduct an immediate, bipartisan review of the best economic practices used by other states in attracting, retaining and expanding business investment and job creation.

Hershman's Senate Bill 237 - which establishes the Interim Study Committee on Economic Development - will be heard by the Senate Committee on Tax and Fiscal Policy at 8 a.m. Tuesday in Room 431 of the Statehouse.

"We need to ensure Indiana remains competitive and better positioned than other states as the economic recovery occurs, and findings from this newly created committee could help our state do so," Hershman said. "Although Indiana continues to make solid progress in establishing a positive business climate, we need to do all we can to help maintain jobs and foster the creation of new opportunities."

Hershman said the 15-member bipartisan study committee would have two members from the Indiana Senate, two members from the House of Representatives, the chief executive officer from the Indiana Economic Development Corporation (or a designee), and ten members appointed by the governor.

According to Hershman, before Nov. 1, 2010, the panel will report their findings on various economic matters:

• Best practices in state and local economic development policies and activities;
• Use and effectiveness of tax credits and deductions;
• Specific sectors of the economy for which Indiana might have comparative advantage over other states;
• Extent to which Indiana's tax laws encourage business investment and any improvements that might be made;
• How Indiana's education system can best support economic development; and
• Other issues assigned to the committee by the Legislative Council or as directed by the co-chairs of the committee.

Visit www.in.gov/senator.hershman and click on "Watch and Listen" to view the proceeding online. 

Hershman represents Senate District 7, which includes Carroll, Clinton, Howard, Jasper, Tippecanoe and White counties.