SPRINGFIELD, Ill. – State Rep. Mike Halpin, D-Rock Island, is pushing for greater efficiency in how states and municipalities spend taxpayer dollars, having introduced legislation that would prevent large, massively profitable corporations from taking advantage of taxpayer-funded subsides and then failing to deliver on promises to create jobs.
“Under current corporate subsidy programs, companies that are already profitable are intentionally pitting states against each other to offer the largest tax breaks, oftentimes with no real payoff in local job creation,” said Halpin. “This is money that could be better spent on workforce training or other career development education, rather than on boosting corporate profits.”
The House Revenue & Finance Committee heard testimony Thursday on Halpin’s House Bill 95, which aims to phase out corporate giveaways through the creation of an interstate compact. States that opt in to the compact would agree not to offer company-specific tax breaks or grants to lure large corporations. The committee also discussed Halpin’s House Bill 22, which prohibits the use of non-disclosure agreements in economic development negotiations between local governments and big businesses looking to relocate or expand their facilities.
“When cities are making deals to attract new corporate headquarters, the details should not be kept secret from local residents and taxpayers,” said Halpin. “I’m committed to bringing greater transparency and accountability to economic development decisions to make sure they’re in the best interest of workers and families.”
For more information, please contact Halpin’s full-time constituent service office at 309-558-3612 or at email@example.com.