Verizon Wireless May Get $5 Million in Tax Credits for New HQ
FRANKLIN, Tenn. (AP)--Verizon Wireless could get more than $5 million in incentives through state and county tax credits for locating a state headquarters in Franklin.
The company last week announced plans to build a $54 million state headquarters building in a Nashville suburb.
The new facility is slated to add between 600 and 700 new jobs over the next three to five years.
Verizon will be eligible for state job tax credit of $20,000 per job if at least 100 of the jobs pay more than $50,000. That credit could be worth a total of $2 million.
The company is also eligible for $2.5 million worth of credit on sales taxes based on spending on furniture, fixtures and construction.
Other perks include tax credits on money spent on industrial machinery, job training and infrastructure improvements.
Headquartered in Basking Ridge, NJ, with 67,000 employees nationwide, the company is a joint venture of Verizon Communications and Vodafone Group.
(END) Dow Jones Newswires
Posted to the site on 27th August 2007