Subsidy Tracker Individual Entry

Company: 
General Electric
Parent Company: 
General Electric
Subsidy Source: 
multiple
Location: 
Massachusetts
City: 
Boston
Project Description: 

corporate headquarters relocation from Connecticut

Year: 
2016
Major Industry of Parent: 
diversified
Specific Industry of Parent: 
diversified
Subsidy Value: 
$145,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
800
Capital Investment: 
$100,000,000
Source of Data: 

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-.... 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.

Notes: 

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.

Source Notes: 
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