Study says Nissan subsidies total $1.33B; MDA says overestimated
by Associated Press
Published: May 17,2013
Tags: automaker, automobile, automotive industry, corporate welfare, economic development, incentive, labor, manufacture, manufacturer, manufacturing, organized labor, report, state agency, state government, study, subsidy, tax, tax break, union
CANTON — A study paid for by the United Auto Workers finds state and local governments may provide Nissan Motor Co.’s Mississippi plant with nearly $850 million in tax breaks over 30 years, plus $400 million in cash aid.
The report estimates Mississippi will pay $90 million in interest on money borrowed to aid Nissan, bringing total subsidies to $1.33 billion.
Conducted by Good Jobs First, the study was released today by a group asking Nissan to let the UAW court workers without company opposition. An advance copy was provided to The Associated Press.
Kathy Gelston of the Mississippi Development Authority says the report overestimates tax subsidies, and says if Mississippi hadn’t aided Nissan, there would be no taxes to collect.
A Nissan spokesman says the company will respond later.
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