It's standard procedure to give tax break to keep, or attract, jobs to a city. But something about this story just smells of desperation. The city of Pontiac, Michigan is considering giving two property tax breaks to GM that will last 12 to 25 years while the city faces a $23 million deficit this year alone. This move by the city is expected to keep more than 2,700 jobs and create almost 300 new ones. GM built their plants in specific industrial zones, which were designed to lure in manufacturers with tax incentives. The city of Pontiac will just have to cross it fingers and hope that this move will not only keep GM in the city, but that GM will stem their market share slide. I guess it's better than losing 3,000 jobs today.
- Most and least efficient car companies
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models