Details of the compromise bill

ryanteaguebeckwith — Mon, 10 Sep 2007 20:23:51 -0400

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.