ANNOUNCEMENT 11 May 2015In May 2015, a local US government announced a targeted tax change.
NUMBER OF INTERVENTIONS
Total Petrochemicals received a tax abatement agreement on 11 May 2015 from Jefferson County, Texas in support of its plans to invest $1.7 billion in a new natural gas processing unit at its existing Port Arthur site. The abatement would amount to a tax break from the county of 100 percent on the improvements for 10 years if the investment is $500 million or more. It is on a sliding scale, phasing down from 100 percent for the first two years to 60 percent in the sixth year.
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.