State Business Incentives (language only)

Item 89 #1c

Language
Page 61, line 8, insert "A." before "It".
Page 61, after line 21, insert:  
"B.  The Secretary shall report to the Chairmen of the Senate Finance Committee and the House Committees on Appropriations and Finance by November 4, 1998, on the use and efficacy of state incentives in creating investments and jobs in Virginia.  The report shall identify by regional economic development councils or by planning district commissions the following items using fiscal year 1998 data:  (1) the number of companies receiving business incentives; (2) the dollar amounts received by each company for each incentive; (3) the number of jobs to be created, average salary, and the amount of investment agreed upon by the state and the company as a condition for receiving the incentives; and (4) the actual number of jobs created, average salary, and level of investments made by each company.  For the purposes of this report, the incentives to be reviewed in the study are those incentives included in the Virginia Economic Development Partnership publication, "Virginia Business Incentives 1997-98".  Furthermore, the report shall not identify by name the companies participating in the state's incentive programs.  All state agencies, including the Virginia Economic Development Partnership, shall provide assistance to the Secretary, upon request."

Explanation
(This amendment directs the Secretary of Commerce and Trade to study the impact of state business incentives on job creation and investments. The study shall include the costs of incentives as well as the benefits, as measured by the number of jobs created, average salary, and level of investment made.)