Creating a compact with certain other states to phase out corporate giveaways

This bill creates a compact with certain other states to phase out corporate giveaways. The bill defines “corporate giveaways” as any company-specific grant or company-specific tax incentive. “Company-specific grant” and “company-specific tax incentive” are also defined in the bill. The bill provides that any state and the District of Columbia may become a member of the compact and that member states must cooperate to phase out corporate giveaways for the reasons outlined in the bill. The bill requires each member state to agree to refrain from offering or providing corporate giveaways to a company currently located in any other member state. Each member state must also agree to refrain from offering corporate giveaways for corporate headquarters, manufacturing facilities, office space, or other real estate developments to any company currently located in any other member state to induce that company to relocate to the member state offering the giveaways. The bill excludes workforce development grants; company-specific tax incentives and company-specific grants offered by county or local governments; and company-specific tax incentives and company-specific grants offered by a state to a company that has a corporate headquarters, manufacturing facility, office space, or other real estate development already located in the state as an inducement to maintain or expand the corporate headquarters, manufacturing facility, office space, or other real estate development within the state. The bill provides that any member state may withdraw from the compact with six months prior written notice to the chief executive officer of every other member state. The bill requires the chief law enforcement officer of each member state to enforce the compact. The bill provides that any taxpaying resident of any member state has standing in the courts of any member state to file suit to ask the court to require the chief law enforcement officer of that member state to enforce the compact. The bill establishes a board of member states. The appointees to the board and the duties of the board are outlined in the bill.