Subsidy Tracker Individual Entry

Company: 
Lockheed Martin
Parent Company: 
Lockheed Martin
Subsidy Source: 
state
Location: 
California
Year: 
2014
Major Industry of Parent: 
aerospace and military contracting
Specific Industry of Parent: 
aerospace & military contracting
Subsidy Value: 
$420,000,000
Program Name: 
California Competes
Awarding Agency: 
Governor's Office of Business and Economic Development
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,000
Source of Data: 

The value of the subsidy package and the job data were taken from Marc Lifsher, "California grants $420-million tax break to Lockheed Martin Corp.," Los Angeles Times, July 3, 2014 available at: http://www.latimes.com/business/la-fi-bomber-tax-break-20140704-story.html and Laura Mahoney, "California Legislature OKs Bill to Give Aerospace Firm $420 Million Tax Credit," Bloomberg BNA, July 03, 2014.

Notes: 

In July 2014, California passed a tax credit bill (AB 2389) aimed specifically at Lockheed Martin Corp., a key subcontractor for Boeing on a bid to build next-generation bombers for the U.S. Air Force. The tax credit, equal to 17.5 percent of wages paid to the company's workers, was designed to save Lockheed Martin about $420 million over 15 years. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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