Part of Governor Bill Haslam’s legislative package is a measure to seal the financial information filed by a company seeking state incentives. The measure is moving quickly through the legislature.
The bill flew out of a House committee unquestioned after Representative Kevin Brooks argued the procedure would make government more efficient in evaluating grant applications.
“At the very same time we’re protecting corporate privacy, which they, in the industry, have said to us is important.”
The bill has been described several times as protecting the identity and fiscal privacy of companies being recruited to Tennessee.
But in fact, state officials confirmed, it applies to any application for state help from any existing company.
Under the bill, an approved application would reveal the amount of money granted and what it would be used for, but not the financial justification for the taxpayer funded request.
The Economic and Community Development confidentiality bill goes on the Senate floor tomorrow [Thursday]. It is in the House Commerce Committee next week.
WEB EXTRA
The bill is HB 2345 Kevin Brooks / SB 2207 Norris.
The official prime sponsor on the bill is Gerald McCormick, the House Republican leader, but other Republicans have pitched in to present the governor’s legislative package in committees. Brooks, a public relations executive, is a Republican from Cleveland, in Bradley County.
The House Commerce subcommittee approved an amendment on the bill, which replaces the original language.
Brooks says the amendment means the public won’t be able to see the information used to justify the state grants, even when it is approved by the separate state Funding Board.
“The state Funding Board would have access when the information is needed to evaluate. Grant and loan applications, should these companies say, ‘We’re gonna need some additional assistance, infrastructure, whatever their grant request is…”
On Air - 90.3 WPLN-FM