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(c) Make recommendations concerning whether the tax credits should be continued, modified or repealed.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.
History:
[67-4742, added 2014, ch. 336, sec. 1, p. 832.]
Structure Idaho Code
Title 67 - STATE GOVERNMENT AND STATE AFFAIRS
Chapter 47 - DEPARTMENT OF COMMERCE
Section 67-4701 - DEPARTMENT OF COMMERCE CREATED.
Section 67-4702 - AUTHORITY AND DUTIES OF THE DIRECTOR.
Section 67-4703 - POWERS AND DUTIES.
Section 67-4703A - FOREIGN TRADE ZONES.
Section 67-4704 - ECONOMIC ADVISORY COUNCIL — APPOINTMENT OF MEMBERS — QUALIFICATIONS.
Section 67-4705 - IDAHO DEVELOPMENT AND PUBLICITY ACCOUNT.
Section 67-4706 - COMMUNITY AFFAIRS FUNCTIONS AND RESPONSIBILITIES OF THE DEPARTMENT.
Section 67-4707 - FUNDS OF DEPARTMENT.
Section 67-4708 - BUSINESS RECORDS.
Section 67-4710 - DECLARATION OF POLICY.
Section 67-4711 - DEFINITIONS.
Section 67-4712 - IDAHO TRAVEL AND CONVENTION INDUSTRY COUNCIL — CREATED — APPOINTMENT OF MEMBERS.
Section 67-4713 - MEMBERS’ QUALIFICATIONS — TERM OF OFFICE — CONFLICT OF INTEREST.
Section 67-4714 - MEETINGS OF THE COUNCIL.
Section 67-4715 - DUTIES AND POWERS OF THE COUNCIL.
Section 67-4716 - ADMINISTRATIVE EXPENSES — LIMITATION.
Section 67-4717 - REGIONAL AND STATEWIDE GRANT PROGRAM.
Section 67-4718 - ASSESSMENT — COUNCIL ACCOUNT.
Section 67-4720 - TOURIST INFORMATION SIGNS.
Section 67-4722 - ECONOMIC DEVELOPMENT FINANCING ACCOUNT.
Section 67-4723 - GRANTS — STANDARDS AND ADMINISTRATION.
Section 67-4723A - IDAHO SMALL BUSINESS FEDERAL FUNDING ASSISTANCE ACT — FUND CREATED.
Section 67-4724 - RETURN TO THE STATE.
Section 67-4725 - IDAHO GLOBAL ENTREPRENEURIAL MISSION GRANT FUND.
Section 67-4729 - DEPARTMENT OF COMMERCE AND IGEM COUNCIL RULES AND RESPONSIBILITIES.
Section 67-4730 - IDAHO GLOBAL ENTREPRENEURIAL MISSION (IGEM) RESEARCH.
Section 67-4731 - COMMERCIALIZATION REVENUE DISTRIBUTION.
Section 67-4732 - IDAHO OPPORTUNITY FUND — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4733 - DIRECTOR RULEMAKING AUTHORITY.
Section 67-4734 - IDAHO OPPORTUNITY FUND.
Section 67-4735 - AGREEMENTS REQUIRED AND DISBURSEMENT OF FUNDS.
Section 67-4736 - ANNUAL REPORT BY DIRECTOR.
Section 67-4737 - IDAHO REIMBURSEMENT INCENTIVE ACT — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4738 - DEFINITIONS.
Section 67-4739 - APPLICATION — PROCESS — AGREEMENTS — REIMBURSEMENT.
Section 67-4740 - AGREEMENT WITH APPLICANT.
Section 67-4741 - APPLICANT’S ANNUAL REPORTING PROCEDURE.
Section 67-4742 - ANNUAL REPORTING BY DEPARTMENT.
Section 67-4743 - SUSPENSION OF IDAHO REIMBURSEMENT INCENTIVE ACT.
Section 67-4744 - DIRECTOR RULEMAKING AUTHORITY.