The Washington Examiner's Timothy Carney notices GE's latest tax maneuver: a 30-year, $9.3 million property tax abatement from the city of Dayton, Ohio for an "Electrical Power Integrated Systems Research and Development Center" that promises "new advanced electrical power technologies...from new power systems for aircraft to longer-range electric cars to smarter utility power grids for more efficient delivery of electricity."
The $9.3 million tax abatement comes on top of a $7.6 million grant to the center from the taxpayer-funded "Ohio Third Frontier Commission."
The Dayton Daily News reports: "GE spokeswoman Jennifer Villarreal said the EPISCenter is expected to have 30 to 40 employees in the first year of operation, and GE has committed to add 15 new jobs within the first three years."
If you use the number of 45 jobs total, that works out to $375,555.56 in government subsidy per job.
Earlier this week, the CEO of GE, Jeffrey Immelt, who was until his recent resignation a board member of the Federal Reserve Bank of New York and is chairman of President Obama's Council on Jobs and Competitiveness, lectured his fellow businessmen: "The people who are part of the business sector, the people in this room, have got to stop complaining about government and get some action underway."
It's easy for him to say stop complaining about government: his business is wallowing in taxpayer money.