Smart incentive use is about managing a process, not just completing a transaction. Our 4×4 framework includes evaluating incentive effectiveness as one of the four key stages of the incentive process. Determining how well incentives perform relative to their objectives is a necessary step toward transparency and accountability. Good evaluations also help economic development organizations and policy makers improve programs going forward.
Several states completed helpful incentive program evaluations during the last twelve months. Many are featured in the NCSL State Tax Incentive Evaluations Database. We are pleased to highlight a few here.
Washington Joint Legislative Audit and Review Commission. Customized Training Tax Credit Program and Microbrewers tax preference. December 2020.
Virginia Joint Legislative Audit and Review Commission – Economic Development Incentives 2021. Spending and Performance.
Tennessee Department of Economic & Community Development and Department of Revenue. Evaluation of Tennessee’s Business Tax Credits (2015-2018). January 2021.
Rhode Island Department of Revenue. Evaluation of New Qualified Jobs Incentive Act 2015. March 2021.
Pennsylvania Independent Fiscal Office. Keystone Special Development Zones Tax Credit. An Evaluation of Program Performance. July 2021. Pennsylvania Entertainment Economic Enhancement Program Tax Credit. March 2021.
State of Oklahoma Incentive Evaluation Commission, Tax Incentive Evaluation Report 2020 and 2021 (forthcoming). Final reports for all years are available here.
Maryland Department of Legislative Services. Evaluation of the Enterprise Zone Tax Credit, Evaluation of the More Jobs for Marylanders Program, and Evaluation of the One Maryland Economic Development Tax Credit. January 2021.
Maine Office of Program Evaluation & Government Accountability. Evaluation of the Maine Seed Capital Tax Credit. August 2021.
Kansas Legislative Division of Post Audit. Angel Investor Tax Credit Program. November 2020. STAR Bonds Financing Program. August 2021.
Iowa Department of Revenue. The Iowa New Jobs Tax Credit. December 2020.
Florida Office of Program Policy Analysis and Government Accountability. Florida Economic Development Program Evaluations – Year 8. December 2020.
Florida Office of Economic and Demographic Research. Return on Investment for the Entertainment Industry Incentive Programs and Return on Investment for Visit Florida. January 2021.