Legislative Auditor Whacks LED

The Louisiana Legislative Auditor has released a report critical of Louisiana’s Department of Economic Development.

From the report:

LED does not evaluate the effectiveness of most business incentive programs it administers. Of the 29 business incentive programs LED administered during fiscal year 2008, officials could only provide evidence that the department evaluated the effectiveness of the five entertainment industry business incentive programs. These incentive programs represent approximately $56 million (25.8%) of the $217 million2 in tax incentives LED awarded to businesses during fiscal year 2008. LED could not provide evidence that it evaluated the effectiveness of the remaining $161 million (74.2%) in tax incentives it awarded that year. In addition, LED does not publicly report on the effectiveness of all the business incentive programs it administers. Specifically, LED has not fulfilled two program-specific and one general statutory reporting requirement or a legislative request to annually review the effectiveness of all tax exemptions and tax credits enacted by the legislature.

See the story in The (New Orleans) Times-Picayune.

Louisiana auditor says economic development agency fails to evaluate tax incentive programs

One Response to “Legislative Auditor Whacks LED”

  1. OTCBB – OTC – All The Answers Are Here! A Must Read. | Blogging Says:

    […] Legislative Auditor Whacks LED « Lincoln Parish News Online […]

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