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.”
- Art or advertising? Magpies and city trying to sort it out (21 replies)
- Haslam to outsource operation of U.T. and other university facilities (61 replies)
- Stand Up for Good Jobs, Living Wages, & Our Public Services! (2 replies)
- This will make you feel old (2 replies)
- Making out like a Bandit? (79 replies)
- Big Brother is (was?) listening at the courthouse (13 replies)
- U.S. Economy Added 173,000 Jobs in August; Unemployment Rate Fell (1 reply)
- Rowan Co. KY county clerk in the national spotlight for defying U.S. Supreme Court (20 replies)
- Tennessee judge won't grant divorce because the gays win (3 replies)
- State officials promote 'low-cost labor force' to lure foreign industries to Tennessee (2 replies)
- State seeks input on proposed law to charge for public records inspection (1 reply)
- The beast has more than one belly: (21 replies)
- Sep 4 2015 - 6:00pm (3 hours 10 min ago)
- Sep 4 2015 - 7:00pm (2 hours 10 min ago)
- Sep 11 2015 - 6:30pm (6 days 21 hours from now)