Tuesday, August 11, 2015
Fort Wayne GM Plant's Economic Development Benefits Keep Piling Up
Our state and local officials sure have been generous in passing out economic development benefits to GM's plant in Fort Wayne. The company has no plans to create a single new job, but it will spend about $1.2 billion to upgrade its truck assembly plant, which will create some temporary construction jobs. Under a new refundable tax credit approved by the General Assembly, GM could receive tens of millions of dollars from the state for that corporate tax credit. Indianapolis' Rolls-Royce plant is supposedly eligible for about $17 million in corporate tax credits for investing about half of what GM is investing without creating a single new job. Last year, Allen Co. officials $15 million in property tax abatements over a ten-year period. Now news comes that the City of Fort Wayne is throwing in a $5 million extra grant to GM just for the hell of it. Fort Wayne officials say the Indiana Economic Development Corporation has pledged to reimburse it for the $5 million grant from its Industrial Development Grant Fund. Was it Leona Helmsley who said only the little people pay taxes?