Article

Evergreen Solar loses Mass. tax breaks

The Economic Assistance Coordinating Council, which oversees tax breaks in Massachusetts, voted to end Evergreen's 20-year property tax break, and voided another $7.5 million in state tax credits after the company eliminated the jobs it had promised to create

You don't mess with the Bay State.

Evergreen Solar shares are taking a pounding Monday morning after Massachusetts yanked two tax breaks from the financially troubled company after Evergreen shut a manufacturing plant built with state aid and eliminated 800 jobs.

As the Boston Globe reports, the state had supplied $58 million in incentives to Evergreen for the now shuttered facility in Devens, Mass.

The state plans to send the company a retroactive property tax bill for $1.5 million; the Globe writes that it is unclear if the state will recoup any of the $21 million in cash grants Evergreen received from the state to help finance the facility.

The Globe notes that state's Economic Assistance Coordinating Council, which oversees tax breaks in Massachusetts, voted to end Evergreen's 20-year property tax break, and voided another $7.5 million in state tax credits after the company eliminated the jobs it had promised to create.

ESLR is down 15.5 cents, or 17.2%, to 74.5 cents.

You don't mess with the Bay State.

Evergreen Solar shares are taking a pounding Monday morning after Massachusetts yanked two tax breaks from the financially troubled company after Evergreen shut a manufacturing plant built with state aid and eliminated 800 jobs.

As the Boston Globe reports, the state had supplied $58 million in incentives to Evergreen for the now shuttered facility in Devens, Mass.

The state plans to send the company a retroactive property tax bill for $1.5 million; the Globe writes that it is unclear if the state will recoup any of the $21 million in cash grants Evergreen received from the state to help finance the facility.

The Globe notes that state's Economic Assistance Coordinating Council, which oversees tax breaks in Massachusetts, voted to end Evergreen's 20-year property tax break, and voided another $7.5 million in state tax credits after the company eliminated the jobs it had promised to create.

ESLR is down 15.5 cents, or 17.2%, to 74.5 cents.


Source: http://blogs.forbes.com/eri...

MAY 23 2011
http://www.windaction.org/posts/30927-evergreen-solar-loses-mass-tax-breaks
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