IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 31 Oct 2014 | Removal date: open ended
Still in force

State loan

On October 31, 2014 Governor Dannel P. Malloy announced that the Swiss bank UBS agreed with the state to amended their partnership agreement, re-affirming UBS’s commitment to the state through 2021. The original agreement was reached In 1994, when the company agreed to build its North American headquarters in Stamford. Under the terms of that original loan from the Department of Economic and Community Development, the company received $20 million which was fully forgivable if the company maintained 2,000 jobs for five years. In the extended agreement, the same $20 million may be fully forgivable if the company continues to retain 2,000 jobs, with loan forgiveness based on the number of jobs retained in the state each year through 2021.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

711 Financial, insurance & pension services, excl. investment banking
712 Investment banking services

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