Consolidating and Improving Coordination of Economic Development Programs and Policies (language only)

Item 102 #1s

Language

Page 82, after line 17, insert:

"C. The Secretary of Commerce and Trade shall conduct a comprehensive examination of the Commonwealth's economic development system and make recommendations to consolidate and improve coordination of activities to increase efficiency and effectiveness of economic development programs and policies. In developing recommendations, the Secretary shall seek input from a group of stakeholders which shall include a representative from each of the secretariats responsible for agencies with economic development programs, and representatives from the staffs of the Senate Finance and House Appropriations Committees. The examination of economic development programs and policies shall include, but is not limited to, workforce development initiatives; grants; services such as trade development, site selection and technical assistance; tax incentives such as modified apportionment formulas, credits, exemptions, and subtractions; proceeds from bonds; rights to lease property at below fair market value; and any other incentives from the Commonwealth. The Secretary shall report recommendations to the Governor and the Chairmen of the Senate Finance, House Finance, and House Appropriations Committees by November 1, 2018."