AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE AGREEMENT TO PHASE-OUT CORPORATE GIVEAWAYS ACT.

This Act adopts the Agreement to Phase-Out Corporate Giveaways, under which member states are prohibited from offering or providing company-specific tax incentives or grants to an entity as inducement for the entity to physically relocate to the state from a location in a member state. Corporate incentives are among the least effective uses of taxpayer dollars to create and maintain jobs and governments should attract and retain companies based on general conditions, not based on a specific grant for a particular company. The Agreement to Phase-Out Corporate Giveaways creates a level playing field for all employers. This Act takes effect upon the adoption of the Agreement to Phase-Out Corporate Giveaways by 2 or more states. This Act is known as the “Agreement to Phase-Out Corporate Giveaways”.