SB0674 Summary: Phase Out Corporate Giveaways Act

• Creates the Phase Out Corporate Giveaways Interstate Compact, allowing any state or the District of Columbia to join an agreement prohibiting company-specific tax incentives and grants to lure businesses from other member states.

• Member states are prohibited from offering company-specific incentives or grants for corporate headquarters, manufacturing facilities, office space, or real estate developments located in other member states as relocation inducements.

• Excludes from the compact: workforce development grants that train employees, local government incentives, and state incentives for companies already located within the state that are offered to keep or expand in-state facilities.

• Establishes the Phase Out Corporate Giveaways Board composed of appointees from each member state's chief executive officer, which convenes annually and publishes suggested revisions to the compact each December.

• Allows member states to withdraw with 6 months' written notice to all other member states' chief executives; enforcement is handled by each state's attorney general and allows taxpaying residents standing to require enforcement.