Subsidy Tracker Individual Entry

Company: 
General Electric
Parent Company: 
General Electric
Subsidy Source: 
multiple
Location: 
Ohio
City: 
Cincinnati
County: 
Hamilton
Project Description: 

Global Operations Center

Year: 
2014
Major Industry of Parent: 
diversified
Specific Industry of Parent: 
diversified
Subsidy Value: 
$98,000,000
Program Name: 
multiple
Awarding Agency: 
Multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,800
Wage Data: 
$79,000
Wage Data Type: 
average salary
Capital Investment: 
$90,000,000
Source of Data: 

The details of the deal were widely reported in the media; all of the information, except the state portion of the awards, was taken from: Sharon Coolidge, "City, county approve $112 M in GE incentives," Cincinnati Enquirer, June 23, 2014; online at http://www.cincinnati.com/story/news/2014/06/23/ge-incentives-approved/1.... The state subsidy figure was taken from: Chelsey Levingston, "This company just received Ohio's most valuable tax credit in 10 years," Dayton Daily News, July 6, 2014; online at http://www.daytondailynews.com/news/news/this-company-just-received-ohio...

Notes: 

In June 2014, the Ohio Tax Credit Authority approved a state Job Creation Tax Credit (JCTC) that will reimburse the company for 85 percent of payroll taxes via a credit on its corporate income tax. The estimated $51.7 million will be paid over 15 years. In addition, JobsOhio will provide two grants totaling $4 million for workforce training and economic development. The City of Cincinnati will give GE a 100% property tax abatement estimated at $12.5 million over 15 years and an 85 percent earnings tax credit as a Municipal Job Creation Tax Credit estimated at $23.9 million over 15 years. The county will provide GE employees with 2,000 parking spaces at a 30 percent discount, which represents lost revenue of about $6 million. Investment data is cost of a 340,000 square foot 10-story building that the company will construct. The job number is number of positions that will be created at the location and includes 400 new jobs, 300 jobs that will be transferred from other cities in Ohio, and 100 jobs relocated from outside the state. Overlaps with main Subsidy Tracker data: there is a separate listing for the $51.7 million Job Creation Tax Credit.

Source Notes: 
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