Economic Development Incentive Report (language only)

Item 96 #1c

Language
Page 66, after line 21, insert:
"The Secretary shall report to the Chairmen of the Senate Finance and the House Appropriations and Finance Committees by October 30 of each year, on the use and efficacy of state incentives in creating investments and jobs in Virginia.  The two-part report shall identify, by planning districts, the following items using the most recent data available: (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; (4) the average salary; and (5) the amount of investment agreed upon by the state and the company as a condition for receiving the incentives.  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” as well as business incentive programs authorized and funded by the General Assembly since the 1999 Session.  The first part of the study shall not identify by name the companies participating in the state’s incentive programs.  In the second part of the report, organized by planning district, the Secretary shall include the actual number of jobs created, average salary, and level of investments made by each company awarded incentives in fiscal year 1999;  if not prohibited by state law or by memorandum of agreement or understanding between the Commonwealth and the company, the names of the companies awarded incentives in fiscal year 1999 shall be included.  In addition, the report shall also identify the specific actions taken by the state as part of its business incentive program to create private investments and jobs in rural areas of the state and the success of these actions."

Explanation
(This amendment restores language that was omitted from House Bill 30.)