ANNOUNCEMENT 28 Apr 2015In April 2015, a local US government announced a targeted tax change.
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On Aril 28, 2015 the Arlington City Council members provided incentives for a $1.29 billion renovation and expansion of General Motors' assembly plant in that city. The council approved the creation of a reinvestment zone to offer tax incentives valued by the city at $28,701,631 in exchange for the automaker's investment in the project and maintaining at least 3,179 full-time jobs. Besides the 10-year, 80 percent tax abatement, the city would waive building-permit and development-related fees and roadway impact fees. 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.