Score a victory for the public with the signing of a new state law to bring more sunshine into the secretive world of industrial recruitment.

South Carolina for many years allowed the Commerce Department too much leeway in the use of public dollars. And the state got burned by a series of embarrassing scandals. The department was questioned for its compensation deals, spending on trips and entertainment, and the use of privately funded accounts.

One reaction was to oust the agency's chief of staff. Another was the bill that codifies a new era of accountability. The legislation was championed by Sen. Jake Knotts, R-Lexington, and House Speaker David Wilkins, R-Greenville. Gov. Mark Sanford signed the bill last week, noting that his Commerce Secretary Bob Faith had already implemented some of the reforms.

The changes promise to do more than cut out dubious spending by Commerce staff members. They also should give the public a fair assessment of the merits of public incentives for industrial recruitment. As the state moves into more speculative investments in biotechnology and other knowledge-based ventures, public accountability is more important than ever. Even now, some are questioning the state's investment in a $6 million "biotechnology incubation facility" in Greenwood that stands empty.

The new law requires the state to disclose details of agreements with new industry once deals are completed. The agency's director must submit an annual report of all expenditures to state government leaders. And the department's annual report is to reveal proposed incentives even if a deal falls through.

For the first time, the public is to see a fiscal impact analysis showing the estimated public cost of the incentives that attracted new industry compared to an estimate of the anticipated public benefits.

It is healthy for negotiators to know that their deals will eventually be made public. Local tax expenditures, and local tax revenue lost in recruitment incentives, have not been discussed enough by local policy makers in the past. The new bill should help bring those important figures into the open.

The bill also states that funds from foundation grants and private sources are public dollars, and their use must be exposed. That should put an end to a wrong-headed approach that, predictably, led to embarrassment in the past.

"A basic rule ought to be, if it involves public money, the public ought to be able to see where that money is spent," Sanford said.

That is exactly right. The new bill helps achieve that goal, while giving leeway for private negotiations and protection of trade secrets. It should bring more accountability to state government.