Subsidy Tracker Individual Entry

Company: 
SK Innovation
Parent Company: 
SK Holdings
Subsidy Source: 
multiple
Location: 
Georgia
County: 
Jackson
Project Description: 

electric car battery plant

Year: 
2019
Major Industry of Parent: 
electrical and electronic equipment
Specific Industry of Parent: 
semiconductors
Subsidy Value: 
$299,500,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
megadeal
Number of Jobs or Training Slots: 
2,032
Wage Data: 
$40,000
Wage Data Type: 
average wage
Capital Investment: 
$1,600,000,000
Source of Data: 

J. Scott Trubey, "Inside state's huge incentive package for regional factory," The Atlanta Journal-Constitution. March 23, 2019.

Notes: 

The subsidy value was calculated by The Atlanta Journal-Constitution based on information the newspaper received via a freedom of information request. The package includes local state and subsidies. Jackson County offered 20-year property tax abatements, valued at $122.7 million. State subsidies are valued at $176.8 million and include: $18.75 million in grants; free land valued at $18.76 million; $53 million in Mega Project Tax Credits; $7.4 million in Georgia Quick Start training grants; and $171,000 in water and sewer fee wavers. Other possible subsidies, not included in the total, are: R&D tax credit; various tax exemptions for qualified machinery, software, and energy usage; and various sales tax exemptions. The contract includes clawback provisions that would be triggered if the company fails to meet at least 80 percent of jobs and investment goals combined.

Source Notes: 
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