§ 63M-1-2406. Reports -- Posting monthly and annual reports -- Audit and study of tax credits. (Effective 5/13/2014)

(1) The office shall include the following information in the annual written report described in Section 63M-1-206:

(a) the office's success in attracting new commercial projects to development zones under this part and the corresponding increase in new incremental jobs;

(b) the estimated amount of tax credit commitments made by the office and the period of time over which tax credits will be paid;

(c) the economic impact on the state related to generating new state revenues and providing tax credits under this part;

(d) the estimated costs and economic benefits of the tax credit commitments that the office made;

(e) the actual costs and economic benefits of the tax credit commitments that the office made; and

(f) tax credit commitments that the office made, with the associated calculation.

(2) The office shall monthly post on its website and on a state website:

(a) the new tax credit commitments that the office made during the previous month; and

(b) the estimated costs and economic benefits of those tax credit commitments.

(3)

(a) On or before November 1, 2014, and every five years after November 1, 2014, the office shall:

(i) conduct an audit of the tax credits allowed under Section 63M-1-2405;

(ii) study the tax credits allowed under Section 63M-1-2405; and

(iii) make recommendations concerning whether the tax credits should be continued, modified, or repealed.

(b) An audit under Subsection (3)(a)(i) shall include an evaluation of:

(i) the cost of the tax credits;

(ii) the purposes and effectiveness of the tax credits; and

(iii) the extent to which the state benefits from the tax credits.

Amended by Chapter 371, 2014 General Session