Subsidy Tracker Individual Entry
automobile assembly plant
The value and the details of the subsidy package are taken from: A Good Deal for Mississippi? A report on taxpayer assistance to Nissan in Canton, Mississippi (Good Jobs First, May 2013); online at http://www.goodjobsfirst.org/sites/default/files/docs/pdf/nissan_report.pdf
Press accounts at the time of the deal used a subsidy value of $295 million, but this covered only the amount that the state legislature initially authorized in bonds to finance infrastructure and training assistance (another $68 million in bonds was authorized in connection with an expansion of the plant in 2001). In addition, Madison County floated $20 million in bonds and the state Department of Transportation provided $24.6 million. The estimate did not include the cost of the other features of the package, including a 20-year Job Tax Credit; a 20-year Advantage Jobs Incentive; and a reduction in the franchise tax. A 2013 report by Good Jobs First estimated the value of the three state tax subsidies at $632 million and the value of local property tax abatements (via a PILOT agreement) at $210 million over 30 years. That brought the total of the package to $1.25 billion plus an estimated $90 million in borrowing costs for the bonds (not included in the estimate here). The main Subsidy Tracker data has no data on the original subsidies but lists some more recent awards to Nissan.