Evaluation: Economic Development Initiatives
JLARC is responsible for evaluating the state’s economic development initiatives—grants, tax credits, sales tax exemptions, and other incentives. (The Virginia General Assembly authorizes these evaluations through continuing language in the Appropriation Act.)
JLARC evaluates
- spending on incentives;
- achievement of required business activity in return for incentives;
- economic benefits to Virginia of total spending on incentives; and
- effectiveness of incentives in influencing business activity.
JLARC appointed the Economic Development Subcommittee to oversee the evaluation process. The subcommittee approved evaluation of the following initiatives in 2017:
- Motion Picture Production Tax Credit
- Motion Picture Opportunity Fund
- Film, Television, & Audio Production Inputs Sales Tax Exemption
The subcommittee approved evaluation of the following initiatives in 2018:
- Virginia Job Investment Program
- Small Business Jobs Grant Fund
- Small Business Investment Grant Fund
- Loan Guaranty Program
- State Cash Collateral Program
- Virginia Economic Development Loan Fund
- SWaM Loan Fund
- Telework Expenses Tax Credit
- Worker Retraining Tax Credit
| 2017 | JLARC’s first reports on economic development initiatives will be presented in fall 2017 |