The proposed bill amends Title 44 of the General Laws by adding a new chapter, CHAPTER 72, titled the "Agreement to Phase Out Corporate Incentives Compact Act." This chapter allows any state in the U.S. and the District of Columbia to join the compact by enacting the agreement. It defines key terms such as "Facility," "Party state," "Political subdivision," and "Subsidy," which outlines the types of economic benefits that are included under the compact. The bill establishes an anti-poaching prohibition, preventing party states from providing subsidies to entice specific industries or companies to relocate or open new facilities within their borders.

Additionally, the bill designates the governor or their designee as the compact administrator for each party state, responsible for maintaining a list of member states and facilitating information exchange. The enforcement of the compact will be managed by the attorney general of each member state, allowing taxpaying residents to require enforcement through the courts. The compact is designed to be liberally construed to achieve its objectives, and provisions are included to ensure that if any part of the compact is deemed unconstitutional, the remaining sections will still be valid. The act will take effect upon passage.