Hawaii SB54 proposes an Interstate Compact to phase out corporate welfare by prohibiting company-specific subsidies.

Hawaii SB54 introduces the Interstate Compact to Phase Out Corporate Welfare Act, aiming to prohibit states from offering company-specific subsidies to businesses located in other member states. The bill defines "corporate welfare" as any company-specific or industry-specific disbursement of funds by state or local governments. It excludes workforce development grants for employee training and is not retroactive. The compact establishes a national board of states to draft and disseminate next steps for phasing out corporate welfare. The act takes effect on July 1, 2025.

Hawaii SB54 proposes an Interstate Compact to phase out corporate welfare by prohibiting company-specific subsidies.

Hawaii SB54 introduces the Interstate Compact to Phase Out Corporate Welfare Act, aiming to prohibit states from offering company-specific subsidies to businesses located in other member states. The bill defines "corporate welfare" as any company-specific or industry-specific disbursement of funds by state or local governments. It excludes workforce development grants for employee training and is not retroactive. The compact establishes a national board of states to draft and disseminate next steps for phasing out corporate welfare. The act takes effect on July 1, 2025.