We are demanding an end to tax breaks for prison industry companies.
In 2013, GEO and CoreCivic received Real Estate Investment Trust (REIT) status, which creates a loophole for them and their investors to make billions in profit from incarcerating people of color and immigrants TAX FREE! In 2015, GEO and CoreCivic used the REIT tax loophole to avoid paying over $113 million in Federal taxes.
REIT status for prison industry companies…
- gives companies yet another incentive to criminalize communities of color and immigrants.
- deepens the relationship between prison industry companies and their major investors
- increases the ability of prison industry companies and their investors to lobby for mass incarceration and immigration enforcement
In July 2016, we pressured Senator Ron Wyden (D-OR) to introduce the Ending Tax Breaks for Private Prisons Act of 2016. In November 2017, Sen. Wyden re-introduced the bill. If passed, the legislation would end Real Estate Investment Trust (REIT) tax breaks for companies that derive their income from the operations and maintenance of prisons. Sen. Wyden introduced the bill again in June 2019.