BRADENTON, Fla. - Virginia announced April 25 that it joined six other states in an 18-month program designed to reform economic development incentive programs, and craft policies that deliver the strongest results at the lowest possible cost.
The Business Incentives Initiative's goals are to devise best practices and ensure that economic development investments yield a strong return. The project is sponsored by the Pew Charitable Trusts and the Center for Regional Economic Competitiveness.
Data collected during the initiative could help answer the public's demand for increased transparency and accountability, according to Pew. "Unfortunately, no single source exists for states seeking the best methods for gathering and reporting incentive data."
"In an era of increased public scrutiny, this is an appropriate time to recalibrate our economic development programming," said Gov. Terry McAuliffe. "Participation in this study will be valuable as part of our work to keep the Commonwealth of Virginia as the 'Best State for Business.'"
Other states participating in the initiative are Indiana, Louisiana, Maryland, Michigan, Oklahoma and Tennessee.
