Review of Incentive Programs Administered by the S.C. Department of Commerce
Members of the General Assembly requested that we conduct an audit of economic incentive programs administered by the S.C. Department of Commerce (DOC). Our objectives were to:
- Evaluate the effectiveness and transparency of the incentive programs administered by the Department of Commerce to determine whether desired economic results were achieved.
- Review the process for determining the award of incentives to assess the validity of the process.
- Determine what processes exist for monitoring the compliance of companies with incentive requirements.
- Evaluate the accuracy and appropriateness of methodologies for estimating the economic and financial impacts of proposed projects.
The Department of Commerce is a cabinet agency that promotes economic development in South Carolina. DOC staff provide support to the S.C. Coordinating Council for Economic Development, which consists of eleven state agency heads and is chaired by the Secretary of Commerce. The Coordinating Council approves the economic incentives that are the primary focus of this audit:
- Job Development Credits
- Business Development Grants