[JayCT]

Originally Posted by BicoastalAnn

It seems like a loooot of money though, for no specific guarantee of growing jobs. And it's not going to be the HQ anymore anyway, because of the Lockheed merger right? Tough position for a state to be in.

No, I believe Sikorsky will remain a separate company headquartered in Stratford, just like it has always been. The only difference is that it is now a company under Lockheed Martin instead of United Technologies. Jay

[JayCT]

Originally Posted by East of the River

As much as I hate it we have 50 states competing for business. Almost all are willing to give cash or tax breaks to get it. I don;t see away around it at the moment. In the end the current competition is only good for business execs, share holders and not much else.

Yes, even those low cost states offer incentives for jobs. It is a sad but very real part of business today. Jay

[HumpDay]

Originally Posted by BicoastalAnn

It seems like a loooot of money though, for no specific guarantee of growing jobs. And it's not going to be the HQ anymore anyway, because of the Lockheed merger right? Tough position for a state to be in.

For a small state like Connecticut, yes it's a lot of money. To put it in perspective that's like building 4 Yard Goats Stadiums LOL. We are incredible lucky that they're staying put because if $220 million sounds like a lot for CT, just imagine how little that may sound in states like Virginia and Texas. Those big states can easily offer more money because their budget can handle it. Our budget is not like theirs because they're not losing revenue every year like us.

Technically, our economy has come to this: One big business like GE and wealthy people like Jeffrey Immelt can move out of Connecticut and put the state budget at risk. Other states are facing similar situations as a greater share of income, and tax revenue becomes concentrated in the hands of a few. Losing Sikorksy would be devastating to our budget as well as the local economy since local businesses rely on them.

[JayCT]

Originally Posted by HumpDay

For a small state like Connecticut, yes it's a lot of money. To put it in perspective that's like building 4 Yard Goats Stadiums LOL. We are incredible lucky that they're staying put because if $220 million sounds like a lot for CT, just imagine how little that may sound in states like Virginia and Texas. Those big states can easily offer more money because their budget can handle it. Our budget is not like theirs because they're not losing revenue every year like us.

Technically, our economy has come to this: One big business like GE and wealthy people like Jeffrey Immelt can move out of Connecticut and put the state budget at risk. Other states are facing similar situations as a greater share of income, and tax revenue becomes concentrated in the hands of a few. Losing Sikorksy would be devastating to our budget as well as the local economy since local businesses rely on them.

Actually the best I can tell, GE's move has had little impact on the state. Sure it is a negative thing but overall it does not appear to have made a significant difference. Remember we are talking about only 200 of over 400,000 jobs in Fairfield County. Jay

[hartford_renter]

Originally Posted by JayCT

Actually the best I can tell, GE's move has had little impact on the state. Sure it is a negative thing but overall it does not appear to have made a significant difference. Remember we are talking about only 200 of over 400,000 jobs in Fairfield County. Jay

GE paid about 1 Billion in state taxes.

[East of the River]

Originally Posted by hartford_renter

GE paid about 1 Billion in state taxes.

al

Renter where did that number come from? If it includes property tax and state income tax, it needs to be adjusted. The property tax will still be there, and the income tax will depend on how many worker leave. Most reports peg it at a few hundred so far, so that's no where near a billion. Their corporate tax paid has been low for years thanks to carried forward losses. Yes GE matters but not that much at least so far.

[MrGompers]

Originally Posted by hartford_renter

GE paid about 1 Billion in state taxes.

l

There's no way in hell that's even remotely true. To my knowledge C-corps don't break down taxes paid to jurisdictions on their income statements and only report the aggregate.

I would imagine you got this number from here;

"A GE spokesman responded to this story with the following statement:
"GE paid $3.0 billion in cash income taxes worldwide last year, including in the U.S. In addition, GE paid more than $1 billion in other U.S. state, local and federal taxes."
However, Connecticut figures are not available, as the corporation does not break down its tax liabilities on a state-by-state basis."

Hold On: Why Don't Corporations in Connecticut Pay (More) Tax? | WNPR News



And let us not forget GE paid ZERO federal income taxes for the years 2008 2009 2010 and in fact in at least 2008 they received a Federal refund of approx $240 million

I had read a story in the Hartford Courant before that said GE paid something ridiculous like $800 in state corp income taxes to CT. I'm sure the DRS has this info somewhere.

GE did pay approx $1.8million in property tax to Fairfield though. GE's appraised value of property only represents .68% of Fairfield's 2012 grand list which is approx $11 billion dollars. What is extra funny about this is now that the building is empty they [GE] are challenging the appraised value going forward. One would think they'd like to retain what little goodwill they have left with Fairfield and CT in general, but I guess not.

Rank Name Nature of Business Taxable Valuation % of Net Grand List 1 General Electric Company Corporate Headquarters $74,039,200 0.68%

Fairfield Grand List Shows $42.1 Million Increase - Fairfield, CT Patch

[JayCT]

Originally Posted by hartford_renter

GE paid about 1 Billion in state taxes.

What? Give us proof. Remember GE only moved 200 jobs and still retains a sizable presence in our state. 600 of the jobs that were based in Fairfield were moved to Norwalk. Again I don't see a big hit to the economy. Certainly not the doom and gloom some people predicted. Jay

[beerbeer]

Originally Posted by JayCT

Actually the best I can tell, GE's move has had little impact on the state. Sure it is a negative thing but overall it does not appear to have made a significant difference. Remember we are talking about only 200 of over 400,000 jobs in Fairfield County. Jay

Yeah, but they are million dollar, hundreds of thousand dollar, type jobs. Their loss hurt. Not just taxes and local upscale businesses but charities and the kids that benefit from them.

If you don't understand how this hurts the community and state across the board, you're not paying attention.

[kidyankee764]

Originally Posted by beerbeer

Yeah, but they are million dollar, hundreds of thousand dollar, type jobs. Their loss hurt. Not just taxes and local upscale businesses but charities and the kids that benefit from them.

If you don't understand how this hurts the community and state across the board, you're not paying attention.

Agreed 100%.