Delaware General Assembly

House Economic Development/Banking/Insurance & Commerce 1/28/20

The General Assembly has ended, the current status is the final status.

1/28/20

Baumbach

Sen. Paradee
Rep. Kowalko

Sen. Sokola

AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO AN INTERSTATE COMPACT PROHIBITING COMPANY-SPECIFIC SUBSIDIES.

This Act, the Interstate Compact Prohibiting Company-Specific Subsidies (“Compact”), is an interstate compact designed to eliminate and prohibit corporate welfare. This Act provides that no participating state under the Compact (“member state”) may offer or provide company-specific tax incentives, grants, or any other company-specific subsidy to an entity whose headquarters, manufacturing facilities, office space, or other real estate developments are located in any other member state or to incentivize an entity located in any other member state to relocate its headquarters, manufacturing facilities, office space, or other real estate developments to its state. Furthermore, the Act establishes a board of compact administrators to enforce and govern the Compact. Lastly, this Act will become effective upon the adoption of the Compact by two or more member states.

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Takes effect upon being signed into law

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