Subsidy Tracker Individual Entry

Company: 
Yokohama Rubber/Yokohama Tire
Parent Company: 
Yokohama Rubber
Subsidy Source: 
state
Location: 
Mississippi
County: 
Clay
Project Description: 

truck tire manufacturing plant

Year: 
2013
Major Industry of Parent: 
automotive parts
Subsidy Value: 
$325,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,500
Capital Investment: 
$1,000,000,000
Source of Data: 

The tax portion of the subsidy package came from: Jeff Amy, "Miss. Lawmakers pass incentives for tire maker," Associated Press, April 27, 2013. The bonding amount and the job and investment projections came from an April 29, 2013 press release issued by the Mississippi Development Authority; online at http://www.mississippi.org/press-room/yokohama-4-29-2013.html

Notes: 

The state legislature authorized up to $130 million in funding ($70 million for the initial phase) in bonding authority to assist the Japanese tire company, which committed to an initial investment of $300 million and 500 jobs, with future expansions that would increase investment to $1 billion and employment to 2,000. The company was also reported to be eligible for $195 million in tax incentives, including $60 million in local property tax breaks, $90 million in sales tax exemptions on purchased equipment, $40 million in reimbursed state income-tax withholding and $5 million in state franchise tax breaks. Overlaps with main Subsidy Tracker data: $130 million Major Economic Impact grant.

Source Notes: 
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