Subsidy Tracker Individual Entry
corporate headquarters relocation from Connecticut
The estimated subsidy amounts were contained in a January 13, 2016 press release issued by Gov. Charlie Baker; online at http://www.mass.gov/governor/press-office/press-releases/fy2016/general-electric-chooses-boston-for-world-headquarters.html. The jobs figure came from: Jon Chesto, "Company is largest ever to pick the city; ripple effect expected," Boston Globe, January 14, 2016. The $100 million estimate on what GE would spend on its new headquarters in the Seaport District was reported by: David L. Harris, "GE picks spot for new global headquarters in Boston," Boston Business Journal, March 24, 2016.
The subsidies included up to $120 million from the state in the form of grants and infrastructure improvements as well as $25 million in local property tax abatements. The Boston Business Journal reported (January 21, 2016) that GE would get a discount on its state corporate income taxes under the single sales factor apportionment program reserved for manufacturers, defense contractors and mutual fund companies; no estimate of the value of that discount was reported. Overlaps with main Subsidy Tracker data: none.