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.”
- Metro Pulse BOE Endorsements (22 replies)
- Everything you wanted to know about Compact Fluorescent Bulbs, including the mercury problem (49 replies)
- TDOT commissioner: Tennessee facing new taxing method or deteriorating roads (7 replies)
- Thanks, Jim (3 replies)
- Tips for local live musicians (17 replies)
- National Park Week: "For the benefit and enjoyment of the people" (4 replies)
- Women’s Representation in Tennessee (1 reply)
- First woman to fly around the world solo forgotten. (3 replies)
- One last questionnaire for school board candidates (which I didn't answer) (5 replies)
- KUB having trouble with broken water mains (7 replies)
- Oh National Democrats wherefore art thou? (10 replies)
- Remembering Black Wednesday (17 replies)