Maryland, Vermont and Washington have instituted methods aimed at determining whether their state tax incentives are functioning as intended and meeting their original goals and objectives, according to a fact sheet recently released by The Pew Charitable Trusts.
The Pew research looks at the evaluation process from three different angles: the economic impact of various state tax incentives, whether the state tax incentives are actually meeting their intended goals, and reviewing state tax incentives as part of the policymaking process.
Pew highlighted Louisiana, Massachusetts and Minnesota as examples of states that have done “high-quality evaluations” of tax incentives offered in their jurisdictions. These evaluations provide proof, using a cost-benefit analysis, of whether the tax incentive is actually having a positive economic impact on the state in terms of job creation.
As for implementing state tax incentive evaluations into the policymaking process, Oregon, Rhode Island and Washington have developed methods for reviewing their tax incentives on a regular basis to ensure their effectiveness overall, notes Pew.
For more information about state tax credits and incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
South Dakota recently enacted a new tax credit for airplane kits, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
Follow Kathleen on Twitter at: @katcaggiano .
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