Bill > H528

This bill establishes an interstate compact called the Agreement for Best Practices in Economic Development. The key provisions include: 1. Creating a National Board for Best Practices in Economic Development, consisting of members appointed by the chief executives of each member state, as well as non-voting members from non-member states, cities, counties, and economic development agencies. The Board's purpose is to publish and disseminate best practices in economic development to move away from company-specific tax expenditures and towards collaborative policies that equally assist all firms, communities, and entrepreneurs. 2. Prohibiting member states from offering company-specific tax incentives or grants to entities located in other member states as an inducement to relocate. 3. Requiring transparency, where all proposed and effective economic development agreements must be subject to the member state's Freedom of Information Act and cannot involve company-specific grants or tax incentives that are not public. 4. Requiring member states to share electronic copies of their economic development and planning reports with the Board to assist in compiling and publishing a national shared resource for economic development data. 5. Allowing any member state to withdraw from the agreement with six months' notice. The overall goal of the bill is to encourage evidence-based economic development policies and avoid the "race to the bottom" that can occur with company-specific tax incentives or grants.

Business and Industry

https://malegislature.gov/Bills/192/H528