HI HB462

Enacts the Interstate Compact to Phase Out Corporate Welfare, allowing any U.S. state or the District of Columbia to become a member by adopting the compact.

Prohibits member states from offering company-specific tax incentives, grants, or other fund distributions to companies currently located in other member states.

Excludes workforce development grants for employee training from the compact's restrictions, and makes the compact non-retroactive to existing company-specific grants (though modifications to existing grants are treated as new grants).

Establishes a national board with one appointee from each member state's chief executive officer to meet annually, collect testimony, and publish December reports recommending revisions to phase out additional forms of corporate welfare.

Takes effect July 1, 2025, with enforcement by state chief law enforcement officers and standing for taxpaying residents to require enforcement through member state courts.