Audit reviews the fiscal effects of IRBs and accuracy of the initial cost-benefit analyses

During 2010-2024, local governments issued about $18.3 billion in industrial revenue bonds and exempted about $1.1 billion in related property taxes, most of which likely would’ve gone to school districts and local governments in the state. Local governments are required to submit a cost-benefit analysis that estimates forgone property tax revenue when applying for an IRBX, but those estimates differed substantially from the actual forgone revenue for 23 projects we reviewed.
Read more: Legislative Division of Post Audit