A lengthy
story in the Evansville Courier-Press about Whirlpool’s Tax Incentive
Repayment. An excerpt follows:
In 2009,
shortly after Whirlpool announced it would shutter its Evansville refrigerator
plant, the company announced it would retain its product development center
here.
At that
time, the Indiana Economic Development Corp. said it would allow Whirlpool to
retain the $1.1 million in tax credits provided Whirlpool maintained operations
in Evansville through 2013.…
Last fall,
Whirlpool announced it would consolidate its North American procurement jobs to
the Benton Harbor, Mich. area. That consolidation was completed at the end of
2011, Whirlpool Corp. spokeswoman Kristine Vernier said in an email.
The move
left Evansville’s Whirlpool site with about 230 jobs, which falls below the
previously agreed upon number.
“Our
(incentives) are performance-based and prorated, so the $800,000 is a recapture
of funds for the employees who are no longer there,” said IEDC spokeswoman
Katelyn Hancock.
…
In 1996 and
2003, Whirlpool received Vanderburgh County tax abatements that would have
expired in 2011 and 2015, respectively.
Tax
abatements reduce a company’s tax burden by reducing the assessed value of new
equipment or buildings. The incentives typically are granted in return for a
company’s promise to hire a certain number of employees and make a certain
amount of investment in their sites. Each year, companies that want to continue
their tax abatements must submit paperwork showing how they have honored their
commitments — or why they’ve fallen short.
Whirlpool
quit applying for the abatement in 2010.
See the
full story here:http://www.courierpress.com/news/2012/apr/03/whirlpool-pay-indiana-800000-falling-below-agreed/
