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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
Subsidy Value in 2023 Dollars: $369,339,831
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
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: If an online information source is not working, check the Tracker inventory page for an updated link.