ANNOUNCEMENT 01 Dec 2008In December 2008, a local US government announced a targeted tax change.
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Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx. Nevin Batiwalla, "Hemlock not only solar investment 'getting hit,'" Nashville Business Journal (January 18, 2013), online at http://www.bizjournals.com/nashville/print-edition/2013/01/18/hemlock-not-only-solar-investment.html. The jobs and investment projections come from: Getahn Ward, "Clarksville Selected for Factory," The Tennessean (December 13, 2008)
State and local governments in Montgomery County, Tennessee provided $479,400,000 in incentives to Hemlock Semiconductor in late 2008 for a polycrystalline silicon plant. The state portion of the package included $95 million to construct the plant; $6 million for workforce development (provided by Austin Peay State University); and an estimated $280 million in potential tax credits. The local subsidies included up to $77.8 million in property tax abatements and $20.6 million in other incentives. The company also received a $60.5 million grant from the federal Tennessee Valley Authority.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.