Good Jobs First, the national watchdog group on corporate tax breaks, today revealed that public schools in Philadelphia lost $112 million in property tax revenues during fiscal year 2019 due to tax abatements granted to corporations. Compared to the $61.9 million reported just two years earlier, that’s a staggering increase of 81 percent.
Public school districts in South Carolina lost $423 million in property tax revenues during the 2019 fiscal year, due to tax abatements county governments granted to corporations. That’s an increase of $99 million – or 31 percent – compared to just two years earlier, according to a new Good Jobs First report released today: “The Revenue Impact of Corporate Tax Incentives on South Carolina Public Schools.”
More than 43,000 businesses and non-profit organizations that received CARES Act funds have a history of misconduct, collectively paying $13 billion to settle civil and criminal penalties over the last decade.
In a powerful series of statements and research findings, the leadership of the Kansas City Public Schools system has denounced economic development tax incentives for their “systemic racism.” Citing new data made possible by GASB Statement 77 on Tax Abatement Disclosures, the School District is advocating for reforms to give the school board power to protect its revenue base.
Washington, DC, June 29, 2020— A new compilation of regulatory enforcement actions shows that states have collected more than $17 billion in penalties from financial services companies over the past two decades. Most of that sum comes from cases brought by New York State against major U.S. and foreign banks.