It appears you have not yet registered with our community. To register please click here...

 
Go Back [M] > Madshrimps > WebNews
Globalfoundries picked up one of the largest grants in US history Globalfoundries picked up one of the largest grants in US history
FAQ Members List Calendar Search Today's Posts Mark Forums Read


Globalfoundries picked up one of the largest grants in US history
Reply
 
Thread Tools
Old 11th October 2011, 07:42   #1
[M] Reviewer
 
Stefan Mileschin's Avatar
 
Join Date: May 2010
Location: Romania
Posts: 148,095
Stefan Mileschin Freshly Registered
Default Globalfoundries picked up one of the largest grants in US history

Chipmaker Globalfoundaries managed to score the largest grant ever to build its $4.6 billion Fab 8 project in New York State.

The US taxpayer stumped up more than $1.4 billion in incentives including a $665 million cash grant. The government waived shedloads of taxes which would have meant Globalfoundaries had to pay over $1 billion more to build the chip fab.

According to the TimesUnion newspaper, GlobalFoundries got one of the biggest taxpayer handouts ever offered to a private enterprise in the United States and as a result is a huge risk for local taxpayers.

Kenneth Thomas, a University of Missouri-St. Louis professor, said that cash grants are unusual in the United States and the GlobalFoundries grant is the largest.

It will mean that the people of New York State will pay $25 million a year so that GlobalFoundries can provide 1,465 jobs.

New York State thinks that it is competing with China, Singapore, Brazil and Malaysia and Israel to attract investment.

It is not clear what New York gets for its money. TimesUnion claims it is a long shot that those corporate taxes will be replaced by new revenues flowing into the state treasury from thousands of new jobs and from companies flooding into the area to feed off GlobalFoundries.

Greg LeRoy, executive director of Good Jobs First, a watchdog group that tracks corporate subsidies, says recouping the state's investment will be hard because high-tech product life cycles are too short.

http://news.techeye.net/chips/global...-in-us-history
Stefan Mileschin is offline   Reply With Quote
Reply


Similar Threads
Thread Thread Starter Forum Replies Last Post
GLOBALFOUNDRIES Fab 8 Construction Tour Shogun WebNews 0 22nd April 2011 22:09
GLOBALFOUNDRIES Fab 8 Construction Tour jmke WebNews 0 20th April 2011 08:19
NVIDIA GeForce GTX 590 to be exclusive, hand-picked jmke WebNews 0 2nd February 2011 12:48
AMD to use Globalfoundries for 28nm GPUs? jmke WebNews 0 20th August 2010 17:31
GlobalFoundries may partner up with UMC jmke WebNews 0 21st May 2010 23:07
AMD to Switch to GlobalFoundries with 28 nm GPUs jmke WebNews 0 20th April 2010 12:21
Fab 2 is a go for GlobalFoundries jmke WebNews 0 9th June 2009 21:46
The Future of GlobalFoundries revealed jmke WebNews 0 26th May 2009 20:35

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT +1. The time now is 16:39.


Powered by vBulletin® - Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO