ANNOUNCEMENT 25 Feb 2010In February 2010, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
Press release issued by Michigan Economic Development Corporation on February 25, 2010; available online at: http://www.michiganadvantage.org/Press-Releases/Granholm-Hails-Dow-Plans-for-Billion-Dollar-Clean-Energy-Expansions-in-Michigan/. The value of the remaining subsidies is taken form: Kathryn Lynch-Morin, "Dow Chemical reaping windfall, expanding alternative energy reach," MLive.com, February 25, 2010; available online at: http://www.mlive.com/news/saginaw/index.ssf/2010/02/dow_chemical_reaping_windfall.html
In 2010 state and local governments in Michigan provided an incentives package to Dow Chemical for the manufacture of renewable energy materials such as Dow's Powerhouse Solar Shingle. The subsidy package included $61.3 million over 15 years in state job creation tax credits; $28 million in local property tax abatements through a Renaissance Zone designation; a $15 million Michigan Business Tax Credit; two brownfield tax credits worth a total of $20 million; and a $5 million grant from the Michigan Strategic Fund. In addition, the U.S. Department of Energy provided the company with a $5 million grant.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.