Ohio ranks third in the nation, tied with Texas, for the number of “megadeals” awarded companies in tax subsidies, according to a new report released last week by nonprofit Good Jobs First.
State and local governments have been awarding “giant” economic development subsidy packages to corporations more frequently than before, Good Jobs First said in releasing findings of a study into tax incentive practices in the U.S.
The group identified 240 “megadeals,” or tax subsidy awards, that cost at least $75 million over the past 35 years. The cumulative cost of these deals is more than $64 billion, Good Jobs First said, which is based in Washington, D.C.
Since 2008, the average frequency of megadeals per year has doubled compared to the previous decade, Good Jobs First said.
Michigan has awarded 29 such deals, New York has done 23, and Ohio and Texas has done 12 each.