HB 1592 Summary

• Enacts the Interstate Compact to Phase Out Corporate Welfare, allowing Hawaii and other states to join a multi-state agreement restricting corporate subsidies.

• Prohibits member states from offering company-specific tax incentives, grants, or funds to companies already located in other member states or to relocate operations to the offering state.

• Excludes workforce development grants for employee training from the compact's restrictions.

• Establishes a National Board of States composed of appointees from each member state's chief executive officer to annually convene, collect testimony, and publish suggested revisions to strengthen the compact.

• Takes effect July 1, 2022; allows member states to withdraw with six months' written notice and grants taxpaying residents standing to enforce the compact through their state's chief law enforcement officer.