“The state provides hundreds of millions of dollars in economic incentive programs to
“We have partnered with both the Auditors of Public Accounts and the
House Bill 7316, An Act Concerning Evaluation of Business Assistance and Incentive Programs, would improve how
The legislation would also require specific legislative committees to hold public hearings to discuss the results of the evaluations and receive input from stakeholders.
The streamlined report will focus on the most pertinent information, Lembo said, including economic impact of each program, the extent to which it is meeting statutory and programmatic goals, and the efficiency with which the program is being administered.
Lembo said, “These incentive programs reduce tax revenue at both the state and local level, and increase state borrowing. It is essential that the legislature review their impact and make informed decisions about the continuation, expansion or elimination of each program. The changes proposed in this legislation will help our state make data-driven decisions about tax credit and abatement programs, ensuring that we are focusing state resources toward their highest and best use.
A broad coalition of open government advocates and organizations submitted testimony in support of the legislation.
On behalf of
“We appreciate and support Comptroller Lembo's effort to shine much-needed light on