Business Incentives Study (language only)

Item 96 #3s

Language
Page 66, line 8, before "It", insert "A.".
Page 66, after line 21, insert:
"B.  The Secretary shall report to the Chairman of the Senate Finance Committee and the Chairman of the House Committees on Appropriations and Finance 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; and (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.  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.  This portion of the study shall not identify by name the companies participating in the state’s incentive programs.  In the second part of the report, the Secretary shall include the actual number of jobs created, average salary, and level of investments made by each company awarded incentives in FY 1999.  For the second part of the study, the information shall be organized by planning district.  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 FY 1999 shall be included."

Explanation
(This amendment directs the Office of the Secretary of Commerce and Trade to prepare a study for the General Assembly concerning the efficacy of state business incentives.)