Business & Tech
Malloy Engineered 'Huge' Tax Favor For GE: Report
While General Electric was loudly announcing it was looking for a new home, Gov. Malloy quietly gave them a tax favor, according to a report
As General Electric decides whether or not it will remain in its Fairfield headquarters, the Hartford Courant reports that Gov. Dannel P. Malloy quietly engineered a very large tax favor for the company.
The Courant reports that the favor was buried in the 702-page tax “implementer” bill that lawmakers passed at the end of June just before the fiscal year ended and it could be worth tens of millions of dollars.
There was no official estimate on how much it could be worth because it gives tax benefits to GE for many years, according to the Courant.
Find out what's happening in Fairfieldfor free with the latest updates from Patch.
Find out what's happening in Fairfieldfor free with the latest updates from Patch.
GE Down to Three Choices: Report
The Courant reports the measure, which came after GE CEO Jeff Immelt announced they would begin to look for a new home, gives special treatment to any company that had at least $6 billion in carried-forward losses by 2013 — most notably GE — by allowing such a company to use a higher percentage of those losses to offset taxes than other companies enjoy.
Read the Hartford Courant’s in-depth breakdown of the “favor” and what it could mean to GE here.
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