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This report is yet more evidence for the need of quick passage of a pending bill improving the transparency, efficiency and accountability of economic development tax breaks and credits. An Act to Promote Efficiency and Transparency in Economic Development H.2565 and S.153, filed by Senator Jamie Eldridge (Acton) and Representative Carl Sciortino (Medford) requires that all economic development tax breaks on both the state and local level be transparent and posted on the state budget website; require improved reporting data to evaluate the success of the investments; set standards for successful economic development programs; and hold companies accountable to their job creation commitments by requiring companies to pay back the value of the tax break if they fail to meet their promised commitments.
“Any investment of public dollars in private enterprises must be held to the highest level of transparency and accountability,” testified Deirdre Cummings, Legislative Director for MASSPIRG before both legislative committees.
“Massachusetts spends tens of millions of dollars each year subsidizing corporate efforts to create jobs. At a very minimum, taxpayers have the right to expect that those subsidies will include strong protections to make sure those jobs are actually being created, with consequences if commitments aren’t kept. The legislation I’ve filed would help do just that, to ensure taxpayer dollars are being spent as wisely as possible,” said Senator Jamie Eldridge of Acton.
"This report highlights the need for reform," said Representative Carl Sciortino of Medford and Somerville. "Our state doles out hundreds of millions of dollars to theoretically create jobs, but whether taxpayers are getting a good deal remains to be seen."
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Senator Jamie Eldridge, 617-722-1120
Representative Carl Sciortino, 617-722-2013
Contact: Michelle Lee firstname.lastname@example.org
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