The New York Times has an interesting article and interactive database about various corporate tax breaks, and how states and localities do not keep track of whether various promises have been met, and very often lose in the deal.
I looked at the Tennessee numbers:
In brief, the various incentive programs cost us at least $249 per capita, and 14 cents per dollar of the state budget.
The biggest incentives are sales tax exemptions/refunds/discounts and corporate income tax breaks. The biggest recipients are manufacturing and agriculture.
I hope this causes some reflection and hesitation the next time our community ponders a TIFF, PILOT, or other break.
Hallmark's CEO said something I wish would be learned at a county commission meeting, “If you’re looking at the competitiveness of a region, the most important thing a region can do is to focus on education. And this use of incentives is really transferring money from education to businesses.”
- Repealing Obamacare affects everyone (54 replies)
- ACA repeal vote canceled, effort falling apart (13 replies)
- What your Congressman thinks of you (8 replies)
- Study: Tennessee among the most federally dependent states (2 replies)
- Maybe our government works after all (1 reply)
- Why doesn't Rep. Eddie Smith want to test school drinking water for lead? (13 replies)
- Thousands of Would-Be Democratic Candidates Flood States in Trump Backlash (2 replies)
- FBI investigates 'odd' computer link between Russian bank and Trump Organization (4 replies)
- North Dakota bill, would legalize accidentally running over protesters in the road (3 replies)
- The "Daily Show" was at Trump Nashville rally (2 replies)
- Trump budget (14 replies)
- Pour one out for Ruby Tuesday (5 replies)