Heard on local TV news channel that the state of Nebraska is checking into Tyson in regards to closing the 2 plants. Something to do with the state gave Tyson tax credits to buy and remodel those plants. Tyson promised the state they would do certain things in return. Tyson said they fulfilled the minimum requirements.
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Nebraska checking into Tyson
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rkaiser
Well-known member
What you talking about TAX CREDITS to Tyson feeder. Your story must be wrong. :roll: :roll:
Sandhusker
Well-known member
rkaiser said:What you talking about TAX CREDITS to Tyson feeder. Your story must be wrong. :roll: :roll:
Our state, like everybody else, gives tax beneifits to large companies who
locate in our state and hire so many people. Tyson says they fulfilled their end of the bargain, the State of Nebraska is going to make sure.
State may audit Tyson
Closings may trigger tax incentives audit
Mercury News
Associated Press
Feb. 18, 2006
OMAHA, Neb. - The closing of Norfolk and West Point beef plants could trigger state audits of Tyson Foods' business development and tax incentive agreements.
Tyson or its predecessor, IBP Inc., had pledged in 1997 to invest $10 million and create 100 new jobs in West Point and Dakota City and promised in 2004 to invest $23 million and add 1,000 workers at the Norfolk plant, said Tom Norris of the state Revenue Department.
Agreements for sales and income tax credits under the state development measure commonly referred to as LB775 don't forbid layoffs or plant closings, he said, but the companies have to meet the law's minimum requirements to claim the tax credits.
Tyson bought South Dakota-based meatpacker IBP in 2001.
Tyson spokesman Gary Mickelson said Tyson has qualified for the tax credits because it did invest millions in northeast Nebraska and created hundreds of jobs.
"We're disappointed we now have to close the plant and are in contact with Nebraska revenue officials to determine how this will affect our taxes in the future," he told the Omaha World-Herald in a story published Saturday.
Information from: Omaha World-Herald
mercurynews.com
Closings may trigger tax incentives audit
Mercury News
Associated Press
Feb. 18, 2006
OMAHA, Neb. - The closing of Norfolk and West Point beef plants could trigger state audits of Tyson Foods' business development and tax incentive agreements.
Tyson or its predecessor, IBP Inc., had pledged in 1997 to invest $10 million and create 100 new jobs in West Point and Dakota City and promised in 2004 to invest $23 million and add 1,000 workers at the Norfolk plant, said Tom Norris of the state Revenue Department.
Agreements for sales and income tax credits under the state development measure commonly referred to as LB775 don't forbid layoffs or plant closings, he said, but the companies have to meet the law's minimum requirements to claim the tax credits.
Tyson bought South Dakota-based meatpacker IBP in 2001.
Tyson spokesman Gary Mickelson said Tyson has qualified for the tax credits because it did invest millions in northeast Nebraska and created hundreds of jobs.
"We're disappointed we now have to close the plant and are in contact with Nebraska revenue officials to determine how this will affect our taxes in the future," he told the Omaha World-Herald in a story published Saturday.
Information from: Omaha World-Herald
mercurynews.com
Mike
Well-known member
Sandhusker said:rkaiser said:What you talking about TAX CREDITS to Tyson feeder. Your story must be wrong. :roll: :roll:
Our state, like everybody else, gives tax beneifits to large companies who
locate in our state and hire so many people.
Alabama just gave a $1.3 BILLION "incentive package" to Hyundai (South Korean) for an auto maunfacturing plant here in Montgomery.
This is nothing but a goverment subsidy. I was involved on a committee to try and dissuade the state and local goverments, to no avail. We preferred that the state and local goverment take that BILLION+ dollars and make "Small Business" loans with the money. Since small business make up the majority of jobs in the U.S., we felt like they would get their money back and employ 3 times the number of people. We got no where.
Mike said:Sandhusker said:rkaiser said:What you talking about TAX CREDITS to Tyson feeder. Your story must be wrong. :roll: :roll:
Our state, like everybody else, gives tax beneifits to large companies who
locate in our state and hire so many people.
Alabama just gave a $1.3 BILLION "incentive package" to Hyundai (South Korean) for an auto maunfacturing plant here in Montgomery.
This is nothing but a goverment subsidy. I was involved on a committee to try and dissuade the state and local goverments, to no avail. We preferred that the state and local goverment take that BILLION+ dollars and make "Small Business" loans with the money. Since small business make up the majority of jobs in the U.S., we felt like they would get their money back and employ 3 times the number of people. We got no where.
And on top of that you (Alabama--not you personnally) helped Ford shut more of their doors and have to cut their legacy costs. The people running our governments and making these trade deals and concessions to business just don't have a clue to what they are doing to our economy.