GE calls tax breaks 'important' to $325 million investment - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

GE calls tax breaks 'important' to $325 million investment decision

State Rep. Larry Clark State Rep. Larry Clark

LOUISVILLE, KY (WAVE) - General Electric would get $15 million a year in tax breaks to retain manufacturing jobs in Louisville under a bill cleared by a House committee Thursday.

Rep. Larry Clark, D-Louisville, sponsored House Bill 396 along with other Louisville-area lawmakers. No one voiced opposition to the measure during the House Appropriations and Revenue Committee's vote.

GE is evaluating whether to make a $325 million investment in its Appliance Park, said Julie Wood, a company spokeswoman. GE employs more than 6,000 people at the Louisville facility.

"The investment is about keeping GE competitive, which will help maintain GE employment for the future," Wood said. "While a small part of the total investment under evaluation, state incentives play an important role in the business' decision to invest."

The bill would extend to GE Appliances a state tax credit program that currently aids Ford Motor Co. and Toyota Motor Corp.

Clark defended his bill for targeting a single, large company.

"If you've got a company that invested $800 million in 2009 and wants to invest another $325 million, I think you say 'Yes,'" said Clark. "I think every citizen in Louisville would say 'Yes.'"

GE would not receive any state money until the 2016-2017 fiscal year.

Copyright 2014 WAVE 3 News. All rights reserved.

  • NewsNewsMore>>

  • Rain chance increases into Monday

    Rain chance increases into Monday

    Sunday, April 22 2018 10:18 AM EDT2018-04-22 14:18:11 GMT
    (Source: Raycom Media)(Source: Raycom Media)
    (Source: Raycom Media)(Source: Raycom Media)

    High pressure will begin to lose its influence Sunday as a low-pressure system approaches from the west. The low will bring much-needed rain to the area Sunday night into Monday before slowly lifting up the coast through the middle of the week. 

    More >>

    High pressure will begin to lose its influence Sunday as a low-pressure system approaches from the west. The low will bring much-needed rain to the area Sunday night into Monday before slowly lifting up the coast through the middle of the week. 

    More >>
  • School bond referendum fails in Beaufort County

    School bond referendum fails in Beaufort County

    Sunday, April 22 2018 9:49 AM EDT2018-04-22 13:49:42 GMT
    Source: WTOCSource: WTOC

    10,519 people or about 72 percent voted against the referendum, according to unofficial election results from the Beaufort County Election Commission. 

    More >>

    10,519 people or about 72 percent voted against the referendum, according to unofficial election results from the Beaufort County Election Commission. 

    More >>
  • 79-year-old carries out lifelong dream of launching self-made craft

    79-year-old carries out lifelong dream of launching self-made craft

    Saturday, April 21 2018 11:29 PM EDT2018-04-22 03:29:09 GMT
    (Source: WTOC)(Source: WTOC)
    (Source: WTOC)(Source: WTOC)
    It's a boat launch that's been years in the making. Phillip Carter has been building a boat by hand for the past 20 years. The beautiful, handmade troller was put into the water for the first time on Saturday afternoon. His lifelong dream was to complete the boat, a goal he reached just 5 days after his 79th birthday. In the past 10 years he has had 2 open heart surgeries to recover from, making the day even more special for his family. "It means a lot," said Carter'...More >>
    It's a boat launch that's been years in the making. Phillip Carter has been building a boat by hand for the past 20 years. The beautiful, handmade troller was put into the water for the first time on Saturday afternoon. His lifelong dream was to complete the boat, a goal he reached just 5 days after his 79th birthday. In the past 10 years he has had 2 open heart surgeries to recover from, making the day even more special for his family. "It means a lot," said Carter'...More >>
Powered by Frankly