AZ SB1481

Establishes an interstate compact called the "Agreement for Best Practices in Economic Development Act" that any state or the District of Columbia may join.

Prohibits member states from offering company-specific tax incentives or grants to businesses relocating from other member states, creating an anti-poaching provision to prevent competitive bidding wars.

Creates a national board composed of three members appointed by each member state's chief executive officer to publish best practices, collect economic development data, and recommend policies focused on general business conditions rather than targeted corporate subsidies.

Requires transparency for all economic development agreements through state freedom of information laws and mandates member states share electronic copies of economic development and planning reports with the board.

Excludes workforce development grants and local government incentives from the compact's restrictions, while allowing state incentives for businesses locating within the same state.