State agencies fail reporting on tax incentives

By: The Associated Press

State agencies that administer tax incentive programs are failing to adequately report the return on investment for those programs, according to the legislative auditor’s office.

The Advocate reports that state law requires agencies to annually report to the Legislature the return on investment for their tax incentive programs and whether the incentives met their intended purpose.

But in a report released Monday the auditor found that 70 out of 79 reports were either not submitted or did not meet all the reporting requirements.

The bulk of the tax incentive programs are handled by the state Department of Revenue and state Department of Economic Development.

Auditors said the revenue loss reported in 2014-15 for the tax incentives with no report was approximately $1.3 billion.

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