Wed
Nov 13 2013
11:59 am

According to a Comptroller audit of the state Revenue Department released yesterday:

The Department of Revenue’s management did not adequately document the tax audits related to the Jobs Tax Credits and ultimately could not provide evidence that companies audited complied with state law. Jobs Tax Credits are tax credits that are available for companies that make an investment in the state and create jobs from that investment. We found that audits the department performed on companies that received Jobs Tax Credits failed to document that the companies complied with key provisions of state law

The audit studied Dept. of Revenue audits of 27 companies claiming $4,860,804 in job tax credits from 2010 through 2012:

  • Minimum job creation was not documented for 17 of the companies.
  • Verification of required health insurance was not documented for 25 of the companies.
  • Required capital investment was not documented for 21 of the companies.
  • Required business plan filings were not verified for 11 of the companies.

The audit focused on the lack of documented verification and made no finding as to whether improper tax credit claims were allowed because of discrepancies. The Comptroller's office recommended several improvements to the audit program and the Dept. of Revenue concurred.

Full report starts on page 8 of the audit document...

The Times Free Press reports that Gov. Haslam said he hadn't seen the audit but that he understood "we've actually done a better job of going back and auditing those." Gov. Haslam also noted new "clawback" provisions in state law.

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