Subsidy Tracker Individual Entry

Company: 
Bath Iron Works (owned by General Dynamics)
Parent Company: 
General Dynamics
Subsidy Source: 
multiple
Location: 
Maine
City: 
Bath
Project Description: 

shipyard modernization

Year: 
1997
Major Industry of Parent: 
aerospace and military contracting
Specific Industry of Parent: 
aerospace & military contracting
Subsidy Value: 
$194,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$307,000,000
Source of Data: 

The subsidy value and breakdown as well as the investment projection came from: Dennis Hoey, "Lawsuit Against BIW Challenges TIF Legality," Portland Press Herald, September 20, 1997.

Notes: 

The subsidy package consisted of a $60 million state tax credit based on worker withholding taxes over 20 years; $53 million from the state's Business Equipment Tax Reimbursement (BETR) program; and an $81 million tax increment financing subsidy from the city. The state tax credit was pegged to the employment level at the facility. Overlaps with main Subsidy Tracker data: three BETR entries for 2009, 2010 and 2011 totaling $10.1 million.

Source Notes: 
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