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Indiana to give United Technologies $7 million in tax breaks to keep Carrier jobs in state
CNBC ^ | 12/01/2016 | Jacob Pramuk

Posted on 12/01/2016 1:09:50 PM PST by SeekAndFind

Indiana agreed to give United Technologies $7 million in financial incentives over a decade to persuade the industrial giant to keep roughly 1,000 Carrier jobs in the state, Carrier said Thursday.

Carrier, United Technologies' heating and air conditioning unit, had planned to close a furnace plant in the state and move it to Mexico. Carrier will invest about $16 million in Indiana to keep operations there, a source told NBC News.

In a statement Thursday, Carrier said the financial incentives are "contingent upon factors including employment, job retention and capital investment."

The company said Wednesday that state "incentives" were "an important consideration" for keeping the positions in Indiana. Carrier is still moving 600 jobs from the plant to Mexico, and closing another plant in Indiana that would move 700 jobs, according to the The Wall Street Journal, which first reported the tax breaks on Thursday.

The incoming administration of President-elect Donald Trump, who repeatedly attacked Carrier and other companies for moving jobs out of the United States, negotiated the deal with United Technologies. Vice president-elect Mike Pence is the state's governor.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Government; News/Current Events; US: Indiana
KEYWORDS: carrier; indiana; taxbreaks; trumptransition
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1 posted on 12/01/2016 1:09:50 PM PST by SeekAndFind
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To: SeekAndFind

I hope the money is predicated on them staying for at least 7-10 years.


2 posted on 12/01/2016 1:12:33 PM PST by WayneS (An appeaser is one who feeds a crocodile, hoping it will eat him last. - Winston Churchill)
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To: SeekAndFind

So? Obama gave Solyndra 700 million and they folded. What’s your point, Jacob?


3 posted on 12/01/2016 1:12:44 PM PST by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: SeekAndFind

$700,000/year in tax relief is pretty cheap to keep the jobs here. If each worker pays $1000 in income taxes per year, it pays for itself, and that doesn’t figure in the costs in unemployment comp, welfare, and other transfer payments that would have occurred had the company left.


4 posted on 12/01/2016 1:12:50 PM PST by econjack
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To: SeekAndFind

That 7 million in tax breaks over a decade is very inexpensive compared to some of the tax rebates Texas has given companies to relocate here. We should have had Trump doing the deals instead of Rick Perry.


5 posted on 12/01/2016 1:14:14 PM PST by txrefugee
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To: SeekAndFind

Trump mentioned that UTX could find itself on the short ends of many federal contracts, too.. HA!


6 posted on 12/01/2016 1:19:16 PM PST by InvisibleChurch (https://thepurginglutheran.wordpress.com)
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To: SeekAndFind

Has anyone added up the income tax, sales tax, property tax, corporate tax, and other revenue the state will get from 1000 additional jobs? That should certainly be part of the calculation. Not to mention the “social safety net” costs that are being avoided.


7 posted on 12/01/2016 1:21:36 PM PST by LostPassword
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To: SeekAndFind

$7 million in tax breaks vs $700 million in taxpayer funds as is usually the undernote to these types of stories. A better question is: Why? Why is that one company so special that they can forgive some taxes yet the vast vast majority of businesses in the state still have to pay it?

If lowering taxes, as shown here, keeps or raises employment, why not blast out those taxes as quickly as possible?

That’s a question I’d like to see on every news program in America.

Of course, in this case, odds are that Carrier split the baby, choosing to keep one part in the US and retool the plant and send the rest (and likely growing) part to Mexico to make up for the extra costs of the US plant.

In the end, the only thing that’s going to cut this are tariffs. Either that, or an entirely different mindset for taxation.


8 posted on 12/01/2016 1:22:44 PM PST by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: SeekAndFind

Confiscating less is ‘giving’.


9 posted on 12/01/2016 1:23:37 PM PST by SpaceBar
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To: InvisibleChurch

RE: Trump mentioned that UTX could find itself on the short ends of many federal contracts, too.. HA!

What if they gave the best, most inexpensive and specification-adhering bid? is Trump not going to consider it because of this Carrier thing?


10 posted on 12/01/2016 1:23:53 PM PST by SeekAndFind
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To: SeekAndFind

Hey Donald, stop the winning! Its happening so soon! It’s tiring me out!


11 posted on 12/01/2016 1:24:43 PM PST by GotMojo
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To: SeekAndFind

Letting Carrier KEEP THEIR OWN MONEY, rather then have the State of IN tax it away from them is a VERY Conservative position.

Face it, this is just more of the usual #Never Trumper whining butt hurt.


12 posted on 12/01/2016 1:26:38 PM PST by MNJohnnie (This revolt is not ending, it is merely beginning.- Pat Caddell)
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To: kingu

Letting Carrier KEEP THEIR OWN MONEY, rather then have the State of IN tax it away from them is a VERY Conservative position.

Face it, this is just more of the usual #Never Trumper whining butt hurt.


13 posted on 12/01/2016 1:27:10 PM PST by MNJohnnie (This revolt is not ending, it is merely beginning.- Pat Caddell)
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To: SeekAndFind

Does Carrier want take that chance?


14 posted on 12/01/2016 1:28:46 PM PST by InvisibleChurch (https://thepurginglutheran.wordpress.com)
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To: SeekAndFind

That comes to well under a $7,000 in incentives per employee. That isn’t a hard dollar. The jobs and the money stay in Indiana where they generate taxes that wouldn’t be generated if the jobs left. The icing is the 16 million in new money that will be spent and taxed in Indiana. Only socialists have trouble with that kind of math. The average cost under the few programs that have “created jobs” has exceeded $125,000 per job per year. Anybody who want to look that gift horse in the mouth again?


15 posted on 12/01/2016 1:31:54 PM PST by Steamburg (Other people's money is the only language a politician respects; starve the bastards)
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To: SeekAndFind

Apple pay no tax to Cupertino and Santa Clara county. Every five years Apple gets tax free holidays extension. Same is with other Silicon Valley companies.


16 posted on 12/01/2016 1:33:51 PM PST by jennychase
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To: SeekAndFind

Compare this to these miserable failures under Obama in the name of his climate religion (we can pay for the Carriers many times over):

http://money.cnn.com/2012/10/22/news/economy/obama-energy-bankruptcies/

This doesn’t even include the federal subsidies to lower the price of electric cars and solar panels artificially.


17 posted on 12/01/2016 1:34:10 PM PST by NohSpinZone (First thing we do, let's kill all the lawyers)
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To: SeekAndFind

Tax “Incentives”


18 posted on 12/01/2016 1:37:07 PM PST by TexasTransplant (Idiocracy used to just be a Movie... Live every day as your last...one day you will be right)
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To: SeekAndFind

And if any liberal gives you any lip regarding this, point them to what SanFrancisco did to keep Twitter within the city limits.

http://www.sfgate.com/business/article/Companies-avoid-34M-in-city-taxes-thanks-to-6578396.php

Also, the fact that the government is getting $7mils less in taxes is a big side benefit. The more we starve the beast the better.


19 posted on 12/01/2016 1:42:18 PM PST by aquila48
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To: SeekAndFind

Cash for clunkers, Auto bail outs, please STFU Jacob.

Thank you dweeb.


20 posted on 12/01/2016 1:42:27 PM PST by hadaclueonce (This time I am Deplorable)
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