(a) Beginning on February 1, 2006, and every third year thereafter, the commissioner
shall submit to the Governor, the President of the Senate and the Speaker of the House
of Delegates a tax credit review and accountability report evaluating the cost effectiveness
of the economic opportunity credit during the most recent three-year period for which
information is available. The criteria to be evaluated shall include, but not be limited to, for each year
of the three-year period:
(1) The numbers of taxpayers claiming the credit;
(2) The net number of new jobs created by all taxpayers claiming the credit;
(3) The cost of the credit;
(4) The cost of the credit per new job created; and
(5) Comparison of employment trends for an industry and for taxpayers within the industry
that claim the credit.
(b) Taxpayers claiming the credit shall provide any information the Tax Commissioner
may require to prepare the report: Provided, That the information provided is subject to the confidentiality and disclosure provisions
of sections five-d and five-s, article ten of this chapter.
(c) On or before February 1, 2013, the Department of Commerce, in consultation with
the Tax Commissioner, the Department of Transportation and the Department of Environmental
Protection shall submit to the Governor, the President of the Senate and the Speaker
of the House of Delegates a report of the impact of all the tax credits and other
economic incentives provided in the act of the Legislature which amended and reenacted
this section during 2011 upon economic development in this state, including but not
limited to the creation of jobs in this state, upon the state's infrastructure, including
but not limited to the need for construction or maintenance of the roads and highways
of the state, upon the natural resources of the state, and upon public and private
property interests in the state.
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