In 2005, the North Dakota legislature established the Business Incentive Accountability Law. This law governs the business incentive granting process within the state.
Before a business can receive an incentive in North Dakota it must enter into a business incentive agreement with the granting agency. This business incentive agreement covers the terms of the incentive including:
- A description of the business incentive
- A statement of public purpose of the business incentive
- Goals for the business incentive
- Description of the financial obligation if goals are not met
- Commitment of the recipient to stay for 5 years
- A list of all financial assistance for the project
All North Dakota state agencies and political subdivisions that grant business incentives must abide by this law. State grantors are required to file annual reports with the North Dakota Department of Commerce containing information about all business incentives granted within the past year and progress made toward job creation goals of previously granted business incentives. Political subdivisions are required to create annual reports to be available upon request.
The North Dakota Department of Commerce provides to the legislature an annual compilation and summary of all state granted business incentives. Copies of the latest reports are included below.