HB 359 Summary

• Establishes an interstate compact creating the National Board for Best Practices in Economic Development, with each member state's chief executive appointing three board members to promote evidence-based economic development policies

• Prohibits member states from offering company-specific tax incentives or company-specific grants to companies located in other member states to induce relocation of headquarters, manufacturing facilities, or office space

• Requires all economic development agreements by local agencies to be subject to the member state's public records laws and prohibits agreements exempt from public records disclosure

• Mandates the board to publish best practices resources, suggest annual agreement revisions, and collect testimony from experts and stakeholders on improving economic development policies

• Takes effect upon adoption by two or more states, with member states able to withdraw with 6 months' written notice