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.”
- UT vs UF - it's on (12 replies)
- Ruby Tuesday selling Maryville headquarters (4 replies)
- Clinton supporter fear? (16 replies)
- Glenn Reynolds' twitter account suspended (19 replies)
- Clinton, Trump 2016 Presidential Debate - 9/26/2016, 9 PM (6 replies)
- Frank Cagle confused about houseboats (10 replies)
- Trump calls for business tax cuts to stimulate economy (14 replies)
- I called the Wells Fargo ethics line and was fired (2 replies)
- BURCHETT LOADING MPC WITH DEVELOPERS (2 replies)
- Technology breakthrough! (1 reply)
- Broadway near Henley closure planned for 2 1/2 years (4 replies)
- South Knox elected official public forum (3 replies)
- Sep 28 2016 - 12:00pm (3 days 13 hours from now)
- Sep 29 2016 - 5:00pm (4 days 18 hours from now)
- Sep 29 2016 - 6:00pm (4 days 19 hours from now)
- Oct 6 2016 - 6:00pm (1 week 4 days from now)
- Oct 11 2016 - 10:00am (2 weeks 2 days from now)