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. 

 

Jun 2024

Custom Incentive Grants | Presentation

Online-only appendixes
Appendix K: Regression analysis of grant awards
Appendix L: Economic impact modeling
Appendix M:Results of economic and revenue impact analyses
Appendix N: References

Nov 2023

Economic Development Incentives 2023 | Presentation

Sept 2023

Business Location and Expansion Incentives | Presentation

Dec 2022

Economic Development Incentives 2022 | Presentation

Online appendixes

June 2022

Science and Technology Incentives | Presentation

Online-only appendixes
Appendix E: R&D Tax Credits by locality
Appendix F: R&D Tax Credits by state
Appendix G: Angel investment Tax Credits by locality
Appendix H: Incentives for private investors of startups by state
Appendix I: GAP funds and CRCF incentives by locality
Appendix J: State investment fund and commercialization programs for startups
Appendix K: State space incentives
Appendix L: Economic impact modeling
Appendix M:Results of economic and revenue impact analyses
Appendix N: Peer reviewed research
Appendix O: References

Nov 2021

Economic Development Incentives 2021: Spending and Performance | Presentation

June 2021

Trade and Transportation Incentives | Presentation

Supplemental (online only) appendixes
Appendix M: Economic impact modeling
Appendix N: Results of economic and revenue impact analyses
Appendix O: References

Dec 2020

Economic Development Incentives: 2020 | Presentation

Sept 2020

Infrastructure and Regional Incentives | Presentation

Supplemental appendixes (online only)
Appendix O: Statistical analysis and economic impact modeling
Appendix P: Results of economic and revenue impact analyses
Appendix Q: Findings of peer-reviewed research
Appendix R: References

Dec 2019

Economic Development Incentives: 2019 | Presentation

June 2019

Data Center and Manufacturing Incentives | Presentation
Supplemental appendixes (online only)
Appendix M: Statistical analysis and economic impact modeling
Appendix N: REMI results
Appendix O: Findings of peer-review research
Appendix P: References

Dec 2018

Economic Development Incentives: 2018

Jul 2018

Workforce and Small Business Incentives
Supplemental appendixes (online only)
Appendix K: Quasi experimental statistical analysis and economic impact modeling
Appendix L: Results of economic and revenue impact analyses
Appendix M: Findings of peer-reviewed research
Appendix N: References

Nov 2017 Film Incentives
Economic Development Incentives: 2017

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