Evaluation: Economic development incentives
JLARC is responsible for evaluating the state’s economic development incentives — grants, tax credits, sales tax exemptions, and other incentives. (The Virginia General Assembly authorizes these evaluations through continuing language in the Appropriation Act.)
JLARC staff evaluate 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.
Staff are evaluating the following incentives in 2023:
Agriculture and Forestry Industries Development Fund Grant
Farm Wineries and Vineyards Tax Credit
Virginia Economic Development Incentive Grant
Major Eligible Employer Grant
Major Business Facility Jobs Tax Credit
Virginia Investment Partnership Grant
Commonwealth's Opportunity Fund
New Company Incentive Program
GO Virginia Collaborative Economic Development Performance Grant