Good Jobs First Blog
Like everything else, economic development is adapting to a new reality. Some states and localities are making special efforts to help small businesses to stay afloat, yet at the same time some of the worst giveaways to large companies are continuing as if the global public health emergency and the national financial crisis were not happening.
Outbreak of Corporate Patriotism. Voluntary Subsidy Refunds Helping Cash-Crunched Governments Pay for Soaring Pandemic Response Costs
With tax revenues plunging and healthcare costs soaring due to the coronavirus pandemic, some major corporations are volunteering to pay back the huge tax breaks and grants they’ve received as “economic development incentives.” They are also agreeing to forego future subsidies by canceling incentive deals. (Happy April Fool’s Day!)
The $500 billion business rescue provision of the coronavirus relief bill will be less of a slush fund than originally envisioned, thanks to the addition of some significant safeguards such as the creation of a special inspector general and a Congressional oversight commission.
Corporate lobbyists have long blown a fog of fear, disinformation and confusion about public disclosure of corporate income tax credits. It’s time to clear the air.
Boeing Corporation has requested that the state of Washington stop providing it with tax breaks that the World Trade Organization (WTO) has on multiple occasions ruled to be an illegal subsidy under the Agreement on Subsidies and Countervailing Measures.