Legislative staffers have shared some details on the compromise bill.
According to Canaan Huie, House finance counsel for Speaker Joe Hackney, the new incentives bill would give cash rebates for additional sales and use taxes, worker training costs and/or state fees.
According to the formulas included in it, Goodyear would qualify for $24.5 million; Bridgestone Firestone, $22.5 million.
A total investment of $200 million over six years would be required.
In addition, the bill would:
* Provide of up to $60 million over a 10-year period to five companies. Once those five grants have been committed, the program would end. Goodyear and Bridgestone would have to apply, and a committee would approve the grants.
* Allow the company to lay off up to 20 percent of its workers. However, any cuts in workers would be directly tied to a reduction in that year's grant. If a company fell below 80 percent of its workforce, it wouldn't be eligible that year, but it could reapply once it rehired.
* Require a baseline employment of 1,500 workers and pay of 140 percent of the county's average — more than the 110 percent currently used for economic development grants.
Comments
Re: Details of the compromise bill
September 11, 2007 - 5:08am — ethanperryLawmakers, not just in NC, but around the country started this craze of giving businesses incentives to make jobs. They also expanded the global market with little or no protections for American citizens, which gave the greedy businesses more leverage to stick it to the people in this country.
All of this has been made worse by the greedy and corrupt politicians who are being bought at the expense of taxpayers.
Like the person who replied above says, you would think state government would have learned a lesson, but they haven't. With all the resources taxpayers provide Raleigh, there has to be some sense of what is right and wrong, but it seems not, and people keep electing the same old crowd.
What a mess!
Re: Details of the compromise bill
September 10, 2007 - 10:19pm — WuptdoI think I will send a copy of this in its final form to IBM, SAS, and ten other large corporations in North Carolina. Shouldn't they get a piece of this pie too. You would think after the Dell deal that State government would learn it lesson.