Subsidy Tracker Individual Entry

Company: 
IBM Transfer Agreement
Parent Company: 
IBM Corp.
Subsidy Source: 
local
Location: 
New York
City: 
POUGHKEEPSIE
Address: 
2455 South Rd
Zip: 
12601
Project Description: 

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

Year: 
2017
Major Industry of Parent: 
information technology
Specific Industry of Parent: 
information technology
Subsidy Value: 
$2,657,346
Program Name: 
Industrial Development Agencies
Awarding Agency: 
Dutchess County Industrial Development Agency
Type of Subsidy: 
tax credit/rebate
Capital Investment: 
$32,000,000
Notes: 

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.

Source Notes: 
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