GE calls tax breaks 'important' to $325 million investment - 19 Action News|Cleveland, OH|News, Weather, Sports

GE calls tax breaks 'important' to $325 million investment decision

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State Rep. Larry Clark State Rep. Larry Clark

LOUISVILLE, KY (WAVE) - General Electric would get $15 million a year in tax breaks to retain manufacturing jobs in Louisville under a bill cleared by a House committee Thursday.

Rep. Larry Clark, D-Louisville, sponsored House Bill 396 along with other Louisville-area lawmakers. No one voiced opposition to the measure during the House Appropriations and Revenue Committee's vote.

GE is evaluating whether to make a $325 million investment in its Appliance Park, said Julie Wood, a company spokeswoman. GE employs more than 6,000 people at the Louisville facility.

"The investment is about keeping GE competitive, which will help maintain GE employment for the future," Wood said. "While a small part of the total investment under evaluation, state incentives play an important role in the business' decision to invest."

The bill would extend to GE Appliances a state tax credit program that currently aids Ford Motor Co. and Toyota Motor Corp.

Clark defended his bill for targeting a single, large company.

"If you've got a company that invested $800 million in 2009 and wants to invest another $325 million, I think you say 'Yes,'" said Clark. "I think every citizen in Louisville would say 'Yes.'"

GE would not receive any state money until the 2016-2017 fiscal year.

Copyright 2014 WAVE 3 News. All rights reserved.

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