Annual Reporting By Department

TITLE 67 STATE GOVERNMENT AND STATE AFFAIRS CHAPTER 47 DEPARTMENT OF COMMERCE 67-4742. ANNUAL REPORTING BY DEPARTMENT. (1) The department shall create an annual written report for the governor and the legislature describing: (a)  The department’s success under this act in attracting new jobs; (b)  The estimated amount of tax credit commitments made by the department and the period of time over which tax credits will be paid; (c)  The economic impact on the state related to generating new state revenue and providing tax credits under this act; (d)  The estimated costs and economic benefits of the tax credit commitments that the department made; and (e)  The actual costs and economic benefits of the tax credit commitments the department made. (2)  On or before November 1, 2015, and every year thereafter, the department shall: (a)  Conduct an independent, third-party audit of the tax credits issued under this act; (b)  Evaluate the tax credits issued under this act and the effectiveness of the tax credits; and (c)  Make recommendations concerning whether the tax credits should be continued, modified or repealed. (3)  The audit as set forth herein shall include an evaluation of: (a)  The amount of tax credits granted; and (b)  The effectiveness of the department’s internal controls within the application and approval process pursuant to this chapter. (4)  The results of such audit and the director’s recommendations shall be forwarded in a timely manner to the office of the governor and to the appropriate legislative committee chairmen.