HB 983 Summary

• Creates the "Agreement for Best Practices in Economic Development" as an interstate compact allowing states to join and establish a National Board for Best Practices in Economic Development.

• Prohibits member states from offering company-specific tax incentives or company-specific grants to companies located in other member states for the purpose of relocation (anti-poaching provision).

• Establishes a National Board composed of three members appointed by each member state's chief executive officer, which shall publish best practices resources, suggest annual revisions to the agreement, and collect testimony on economic development improvements.

• Requires all economic development agreements by local agencies to be subject to member state public records laws and prohibits local agencies from entering into non-public economic development agreements involving company-specific incentives or grants.

• Takes effect upon adoption of the agreement by two or more states; allows member states to withdraw with 6 months' written notice to other member states' chief executives.