States dole out mega-subsidies in bid to lure companies |
News |
Written by The Hill Press |
Friday, 28 January 2022 09:38 |
http://newiprogressive.com/images/stories/S5/foxconn-groundbreak-s5.jpgDeals go to Intel in Ohio, General Motors in Michigan, and Boom Supersonic in North Carolina. Kansas lawmakers asked to approve a major tax incentive package for a project they do not even know about yet. WASHINGTON, DC - State governments are spending parts of their first major cash surpluses in a decade on billions of dollars in tax breaks for some of the world’s largest corporations, hoping to lure new high-tech manufacturing hubs that have become this year’s most sought-after economic development projects. For years, states have offered corporations rich incentives to bring thousands of jobs to their communities in what critics have called a race to the economic bottom. But the positive fiscal conditions in which many states now find themselves have accelerated some of those deals, putting the country on pace for a greater number of such agreements than any other year in history. |