Subsidy Tracker Individual Entry
The project provides sales tax abatement on equip, upgrades and software between IBM divisions. The Agency approved the abatement in a effort to retain jobs in the County and help IBM remain competitive. In recognition of lost revenues to the county from downsizing and employee relocation, IBM has agreed to make payments to the County for distribution to its municipalities. The latter and agency fees are determined by a formula based on employment and the amount of abatement taken each year. Benefited Project Amount equals $32,000,000
Subsidy value is total for the year of property tax abatements and sales tax exemptions less the net of payments in lieu of taxes. See original source for jobs and wage information. Description merges a general industry description with a project specific description as provided in the disclosure.