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Lawmakers press IEDC on tax-credit transparency and potential conflicts
Summary
At the State Budget Committee meeting, Senator Fady Qaddoura and other members pressed the Indiana Economic Development Corporation about the recently enacted $300 million tax-credit certification cap, a $50 million sales-tax credit for data centers, the status of an FTI audit, and potential ties to Elevate Ventures; IEDC staff said they lacked answers and would follow up.
At the State Budget Committee’s Aug. 6, 2025 meeting in Fort Wayne, Sen. Fady Qaddoura pressed the Indiana Economic Development Corporation over transparency around tax-credit certifications and possible conflicts of interest.
Qaddoura asked whether the $300 million tax-credit certification cap in the recently passed budget had been factored into IEDC appropriations and sought an update on an FTI audit requested by the Governor’s Office. He also raised a separate $50 million sales-tax credit created for data centers and queried whether that carve-out would be utilized.
Josh Richardson, who presented on behalf of the IEDC, told the committee he did not have the information available to answer several of Qaddoura’s questions during the meeting and said the charts in his presentation showed forecasts of existing certified obligations rather than new offerings. "Mr. Richardson stated that he did not have the information available to answer that question," according to the committee record.
Qaddoura further asked whether the agency or the Office of Management and Budget had resumed monthly payments of $500,000 to Elevate Ventures and whether any employees listed in IEDC prospectuses received both state salaries and private payments. Richardson said his available information pertained to tax-credit certifications and that he could not confirm those operational or personnel questions.
Representative Ed DeLaney asked whether older tax credits certified as far back as 2012 would be affected if the State hits the cap; Richardson said the presentation is a forecast and that further conversation about past certifications would be needed to clarify implications for previously certified credits.
Why it matters: tax-credit certifications create future state obligations. The committee pressed the IEDC for specifics on how much liability exists, how recent statutory changes interact with prior certifications, and whether outside entities tied to state partners present disclosure risks.
Next steps: Richardson agreed to provide more information to the committee after the meeting. Lawmakers signaled they will follow up on the FTI audit status and requested additional documentation to address transparency concerns.
