HB 473 Creates an Interstate Compact Agreement
Orlando, FL – Representative Anna V. Eskamani (D-Orlando) has refiled legislation to end corporate giveaways in Florida and increase corporate tax transparency.
HB473, titled Agreement For Best Practices in Economic Development, takes the first step in phasing out corporate giveaways by forming an anti-poaching agreement among state governments that prohibits states from offering company-specific tax incentives or company-specific grants as an inducement for entities to relocate existing facilities. The interstate compact would also create a national board of experts charged with finding more ways to help state and local governments escape from the current “prisoner’s dilemma” of economic development and instead implement a level playing field for all employers, big and small.
“Corporate giveaways, which often go to the corporations that make the biggest campaign contributions or employ the most expensive roster of lobbyists, are an expensive, inefficient and ineffective use of taxpayer dollars to create and maintain jobs,” said Representative Anna V. Eskamani. “Unfortunately lawmakers across the country and right here in Florida face a prisoners’ dilemma — we feel forced to participate in corporate giveaways because nearly everyone else does. The only way to end this race to the bottom is an interstate agreement that phases us all away from this ineffective and wasteful game while removing the parts of Florida statute that feeds into this problem.”
Representative Eskamani serves as Ranking Member of the Ways and Means Committee and has previously advocated for legislation to increase tax transparency, end corporate tax loopholes, and focus on delivering relief not to politically influential corporations, but to everyday Floridians.
HB 473 is awaiting referral to committees that will consider the legislation. Florida’s legislative session is scheduled to begin on March 7, 2023.
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