SB 1425 Summary

• Establishes an interstate compact allowing Arizona and other states to join an agreement promoting economic development based on general conditions rather than company-specific subsidies.

• Prohibits member states from offering company-specific tax incentives or grants to entities relocating operations from other member states, with exceptions for workforce development grants and local government incentives.

• Creates a national Board for Best Practices in Economic Development, with each member state appointing three members, charged with publishing best practices, collecting economic development data, and suggesting annual revisions to strengthen the compact.

• Requires all proposed and effective economic development agreements involving company-specific grants or tax incentives to be subject to public disclosure under each state's freedom of information act.

• Designates the Arizona Department of Revenue as the state agency responsible for administering and enforcing the compact.