Caterpillar wants jobs deal redo, avoid returning tax breaks
WINSTON-SALEM, N.C. (AP) — Caterpillar Inc. wants to renegotiate a deal to avoid refunding local tax breaks after failing to create a minimum number of jobs.
The Winston-Salem Journal reported Thursday (http://bit.ly/2a244gX ) that Caterpillar failed to meet job-creation goals for the past three years at its Winston-Salem axle-manufacturing plant.
Caterpillar wants Forsyth County to lower the number of jobs from nearly 200 to 50 that must be maintained and avoid returning some of the more than $5 million the company has collected.
County commissioners may consider the request next month. Caterpillar says it also wants amendments to its incentives deal with Winston-Salem.
The local deals and promised state tax rebates, credits and grants announced in 2010 were worth about $40 million. The parts plant for large mining machines was expected to employ about 500.
Information from: Winston-Salem Journal, http://www.journalnow.com