This amendment establishes a new unit at the Joint Legislative Audit and Review Commission (JLARC) to provide ongoing oversight of economic development incentives, including tax incentives focused on the area of economic development and business expansion. The unit will report economic benefits to Virginia of total spending on economic development initiatives at least biennially, and evaluate the effectiveness, value to taxpayers, and economic benefits to Virginia of individual economic development initiatives on a cycle approved by the Commission. In addition, the unit will assist in the development of the annual report required pursuant to the provisions of House Bill 1191 of the 2014 Session of the General Assembly.