ANNOUNCEMENT 01 Apr 2015In April 2015, a local US government announced a targeted tax change.
NUMBER OF INTERVENTIONS
In April, 2015 the City of Warren approved tax abatements for a possible expansion of the General Motors Company's Tech Center that could result in the elimination of nearly $97.1 million in property tax savings over more than a decade. The Warren City Council unanimously approved a 50-percent tax abatement on the proposed $419.4 million expansion and renovation through three abatements that would each last 14 years, including years for construction. One tax break is to begin in 2016 for part of the investment, another in 2018, and the last one in 2020. The State Tax Commission must also give its approval before the abatements are official. 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.