HB 5426 Summary

• Requires the Commissioner of Economic and Community Development to prepare comprehensive reports every three years on tax credit and abatement programs designed to recruit or retain businesses, effective July 1, 2012.

• Expands required report content to include baseline assessments, program listings, evaluation of each tax credit program's statutory goals, cost-benefit analyses, administrative costs, location information for recipient taxpayers, and comparisons with other states' programs.

• Directs the Commissioner to develop a competitiveness matrix with input from eligible businesses to assess how the state's tax credit and abatement programs compare to those offered in other states.

• Requires assessment of enterprise zones on or before January 1, 2013, including their continued eligibility, state financial assistance provided, and project completion status, with recommendations to remove designations if performance standards are not met.

• Reports must be submitted to the Governor, Secretary of Policy and Management, and joint standing committees on appropriations, finance, and commerce.