To create one of the corporate subsidy accounts House Bill 5602 would authorize, to be called the “Critical Industry Fund,” which would give grants and loans to certain companies to create jobs or job training.   Official Text and Analysis.

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

To revise details of a provision authorizing government subsidies for "workforce training providers".

To establish that the 1% penalty to be added to any "clawbacks" from non-performing corporate subsidy recipients would be the minimum penalty and could not be reduced.

To sunset (end) this new corporate subsidy program after one year.

To increase the proposed "clawback" penalty for non-performing subsidy recipients to 25% of the subsidy amounts collected.

To revise details of a minimum wage level requirement for subsidy beneficiaries.

To require an annual performance report on this subsidy program to be made available to the public and posted online.

To require the owners and managers of companies granted these corporate subsidies to take and pass drug tests, not exceed the asset caps that apply to certain social welfare beneficiaries, and meet employment and job-search requirements like those that apply to individuals collecting various social welfare benefits.

To tie-bar the bill to House Bills 4971 and 4972, meaning this bill cannot become law unless those ones do also. Those bills would authorize joining this state to a proposed Midwest state “company-specific subsidy interstate compact” whose members would promise to stop giving tax breaks or subsidies to specific companies that aren’t available to other companies, including “findings” including that, “State governments are caught in a race to the bottom offering ever-larger…incentives or grants in an attempt to lure large companies to stay or relocate in their state despite overwhelming evidence that subsidies are neither an efficient use of public dollars nor a determining factor in a company's eventual decision where to locate”.

To strip out qualifications on the criteria a potential beneficiary must meet to get these corporate subsidies.

To permit the program to allocate up to 0.5% of the amount it spends for administrative expenses.