Audit finds problems in oversight of Jobs Tax Credits program

The state comptroller's office has sharply criticized the Department of Revenue's oversight of the state's Jobs Tax Credits programs, saying that the agency "ultimately could not provide evidence that companies audited complied with state law."

The program grants a credit for qualified businesses based on jobs created and capital invested. For example, a company investing $500,000 and creating 25 net new jobs over a 12-month period can claim a Job Tax Credit of $4,500 per job to offset up to half of its combined franchise and excise tax burden.