Section 67-4742 - ANNUAL REPORTING BY DEPARTMENT(1) The department shall create an annual written report for the governor and the legislature describing: (a) The department's success under this act in attracting new jobs;(b) The estimated amount of tax credit commitments made by the department and the period of time over which tax credits will be paid;(c) The economic impact on the state related to generating new state revenue and providing tax credits under this act;(d) The estimated costs and economic benefits of the tax credit commitments that the department made; and (e) The actual costs and economic benefits of the tax credit commitments the department made. (2) On or before November 1, 2015, and every year thereafter, the department shall: (a) Conduct an independent, third-party audit of the tax credits issued under this act;(b) Evaluate the tax credits issued under this act and the effectiveness of the tax credits; and(c) Make recommendations concerning whether the tax credits should be continued, modified or repealed.(3) The audit as set forth herein shall include an evaluation of:(a) The amount of tax credits granted; and(b) The effectiveness of the department's internal controls within the application and approval process pursuant to this chapter.(4) The results of such audit and the director's recommendations shall be forwarded in a timely manner to the office of the governor and to the appropriate legislative committee chairmen.[67-4742, added 2014, ch. 336, sec. 1, p. 832.]Added by 2014 Session Laws, ch. 336,sec. 1, eff. 7/1/2014.