HI HB462

Establishes Hawaii as a member of the Interstate Compact to Phase Out Corporate Welfare, prohibiting the state from offering company-specific tax incentives, grants, or subsidies to companies currently located in other member states

Defines "corporate welfare" as any company-specific or industry-specific disbursement of funds, property, cash, or reduced tax liability from state or local government to particular companies or industries

Prohibits member states from providing funds to relocate corporate headquarters, manufacturing facilities, or office space from other member states to the offering state

Creates a national board with one appointee from each member state's governor to meet annually, collect testimony, and publish recommendations for strengthening the compact each December

Excludes workforce development grants for employee training from the compact's restrictions and allows existing company-specific grants to continue unchanged, with a six-month written notice required for any state to withdraw

Takes effect July 1, 2025