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:
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 (click here). 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. In 2019 GE decided to scale back its headquarters plans and sold the property the state had subsidized, allowing Massachusetts to recoup the $87 million already expended. Source: Jon Chesto, "GE sells Fort Point property for $252m; State comes out with profit as company scales back," Boston Globe, May 10, 2019. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.