Subsidy Tracker Individual Entry
auto parts stamping plant
The subsidy package was described in: George Hohmann, "Job seekers want Gestamp work; State Secretary of Commerce Keith Burdette releases incentives the employer will receive," Charleston Daily Mail, April 20, 2012. The estimate of the value of the package is taken from calculations by the West Virginia Center on Budget and Policy posted on May 23, 2013 at http://www.wvpolicy.org/gestamp-property-tax-deal-worth-25-million.
When the Spanish company agreed to reopen an existing stamping plant that had been closed, it was became eligible for five state tax credits and exemptions that the Center estimated would be worth about $43 million. In addition, the state agreed to purchase up to $150 million in equipment for Gestamp, allowing it to save an estimated $26 million in property taxes. The state also agreed to provide $25 million in low-cost loans for other equipment purchases, $2.5 million for relocation expenses and other smaller items. Overlaps with main Subsidy Tracker data: none.