Effective date, expiration date and required reporting

(a) Effective July 1, 2024, and annually thereafter, the Department of Economic Development shall submit a report to the Joint Committee on Government and Finance. The report shall provide: (1) The number and location of all projects approved pursuant to this article; (2) The geographic distribution of the projects approved; (3) The total number of new housing units approved over the preceding year; (4) The total number of housing units completed oved the preceding year; (5) The total amount of exemptions granted pursuant to §5B-2L-7 of this article; (6) The total amount of property value adjustment tax credits allowed pursuant to §5B-2L-10 of this article; and (7) Any other information requested by the Joint Committee on Government and Finance. (b) Any property value adjustment tax credit authorized by this article shall be effective for corporate net income tax years and personal income tax years beginning on and after January 1, 2023. (c) Effective January 1, 2028, the provisions of this article shall expire and have no further force or effect: Provided, That any tax exemption or property value adjustment tax credit authorized pursuant to this article prior to January 1, 2028, shall continue to be valid and eligible for redemption pursuant to procedures provided herein.