Arlington, VA – Maryland Governor Larry Hogan (R) is likely to sign a bill funding a new incentive package worth roughly $8.5 billion in taxpayer funds, one of the largest such offers ever made to a single corporation. The Promoting Extraordinary Innovation in Maryland’s Economy Act, which passed Wednesday, includes billions in property, income and sales tax credits from the state and Montgomery County, MD.
Generation Opportunity (GO), a group that advocates for policies to improve the lives of young Americans, is strongly opposed to government at all levels handing out corporate welfare deals like this. Such giveaways burden taxpayers and help select businesses gain an unfair advantage over others who don’t benefit from the same special insider deals and carve outs.
GO Policy Director David Barnes issued the following comment:
“Maryland’s $8.5 billion corporate welfare offer is an outrageous example of government putting its thumb on the scale to pick winners and losers. Lawmakers shouldn’t be bending over backwards for Amazon or any one company – they should be creating fair systems in which all businesses can compete on an even playing field.”
Amazon has announced its intention to construct a second headquarters in a major American city and 238 cities and regions initially submitted bids for the project. In February, GO launched a digital advertising campaign geo-targeting the 19 American markets still courting Amazon, including Maryland. Click here to view that ad.
Maryland’s offer is the most costly of all the remaining public bids for which there is publicly available information. As Maryland Assemblyman Herb McMillan (R) pointed out, for the same amount of money, the state could cut its corporate tax rate — one of the highest in the nation — in half for a decade.
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For more information or to speak with David Barnes, contact Jim Fellinger at JFellinger@genopp.org.
Generation Opportunity is a national, nonpartisan movement for more freedom, better opportunities, and a brighter future for all young Americans.