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The Legislature's Joint Committee on Taxation recently heard nearly three hours of testimony on LD 1781, a bill that would renew a $60 million tax break for Bath Iron Works spread over 20 years. It is linked to BIW's parent company, General Dynamics Corp., continuing to make "major investments in shipbuilding facilities" and maintaining a minimum employment level of 5,000 workers. The shipyard and the bill's sponsor, Rep. Jennifer DeChant, D-Bath, say the annual tax credit of $3 million for 20 years is needed to reduce costs, encourage investments and boost BIW's competitiveness against its chief rival, the Huntington Ingalls shipyard in Pascagoula, Miss., that's received more than $200 million in state bond money from Mississippi since 2005. Critics say Falls Church, Va.-based General Dynamics, which reported $3.1 billion in earnings in 2016 (on revenue of $31.35 billion), doesn't need the tax break.
Do you support the proposed $60 million tax break for Bath Iron Works?
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