Direct Tax Credit Costs

Key Findings

• Actual TRI Credits Issued in CY2023: $3,533,411
• Actual Credits Issued to Date: $14,666,440
• Estimated Incentive Value to Business (over full term) for FY2023 approved projects: $9,333,995
• 89 approved projects since program inception
• Average TRI award was 22% over 10 years

Future Tax Credit Commitments

If we assume the average project size is similar to those in FY2023 (which had an average estimated incentive value of $4,666,997), we could roughly estimate:

89 projects * $4,666,997 = $415,362,733 in potential future tax credits

This is a rough estimate and the actual figure could be higher or lower depending on the specifics of each project.

Analysis

These figures represent significant tax expenditures that primarily benefit large businesses. The scale of these credits, both issued and projected, far exceeds what would be accessible to small businesses under 20 employees. The structure of the TRI program, with its focus on large-scale job creation and capital investment, inherently favors big businesses capable of making such commitments.