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A Virginia study concluded that the commonwealth's tax incentives - whether they be tax credits or tax exemptions - do not provide much return as an economic investments. The study, conducted by the Joint Legislative Audit and Review Commission, found that grants were more effective between Fiscal 2010 and Fiscal 2017.

According to the study, nearly 60 percent of incentive spending was through tax incentives. The state spent $835 million on tax exemptions and $180 million on tax credits. About 42 percent was spent on grants, which was $715 million. The remaining $25 million were spent on other incentives, which include loans and gap financing programs.

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