Good Jobs First Subsidy News
Amazon has been quietly cutting deals in and around Chicago since 2015, winning tax breaks and public incentives to build 36 warehouses...To help pay for its vast expansion, the company and its developers have won at least $741 million in taxpayer-funded incentives in northeast Illinois alone.
Under state law counties award massive economic subsidies and tax incentives — even though school districts lose the most revenue. Last year these corporate tax breaks cost South Carolina public schools $423 million, an astonishing increase of $99 million from FY 2017.
The Covid-19 pandemic is causing a budget crisis for states. Greg LeRoy of Good Jobs First lists 10 steps states should take now to end corporate giveaways and generate enough tax revenue to cope with the pandemic fallout.
One silver lining to our COVID-19 response is a forced re-evaluation of the value of our economic development dollars and the organizations they support.
Experts are encouraging companies with tax incentive agreements to check on their performance objectives and consider whether to seek relief under "force majeure" in light of the coronavirus pandemic.