As many as a dozen states are considering a non-aggression pact to halt the kind of tax-incentive bidding wars that permitted Amazon.com Inc. to squeeze nearly $600 million in subsidies out of Virginia for its second world headquarters.
A bipartisan group of state lawmakers from across the country have united as the Coalition to Phase out Corporate Tax Giveaways. Supporters say the pact would prevent expensive bidding wars for projects that frequently fail to produce the investments, jobs, and economic punch that the promoters promised.
Lawmakers in Illinois joined the campaign on Tuesday, introducing legislation (H.B. 4138 and S.B. ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.