After getting $824M in state aid, GM to cut 900 jobs at Orion Assembly

Re:After getting $824M in state aid, GM to cut 900 jobs at O... by legitster on Thursday December 14, 2023 @05:52PM (#38648510)

Maybe! This article could be mistaken calling this a tax abatement. The original press release refers to this as a "grant" (perhaps still tax abatement with financial shenanigans).

Still, under the terms of the grant program, the state has lots of options to claw back any grant money if the recipient doesn't fulfill their requirements: https://www.michiganbusiness.org/48f6cb/globalassets/documen...

I can't find any source on what the actual financial agreements of the grant are.

UPDATE - I found the terms of the $600 million dollar grant (not tax abatement!): https://www.mackinac.org/archives/2022/GM%20Board%20Pack%20A...

> The MSF may require repayment for: (i) failure to obtain the Jobs Commitment (proportional), (ii) mass relocation of jobs out of state, and (iii) breach of representations, misappropriation, insolvency.

GM has been getting reimbursed quarterly based on real expenses they have occurred, but may have to give some or all of it back.

[ Parent | on HN ]

Re:After getting $824M in state aid, GM to cut 900 jobs at O... by tshirthoodie on Thursday December 14, 2023 @08:20PM (#38649916)

You should update your original comment. HN is full of desperate efforts to dodge any skepticism of sketchy and dishonest capitalist behavior. It doesn't need more of them.

[ Parent | on HN ]