“We gave every penny that we could give.”Īsked about Abbott’s assertions, Micron declined to address Abbott’s description of the phone call with CEO Sanjay Mehrotra, but it called New York the most competitive state and listed reasons why it is the “ideal home” for its plant. He said, ‘Please could you come up with some more?’” Abbott told a Greater Arlington Chamber of Commerce crowd in February. “The CEO of Micron was basically begging me because he really wanted to do business in Texas. Greg Abbott promised to win passage of “economic development tools” during the current legislative session, saying the state lost out on a massive Micron semiconductor plant because it couldn’t match the $5.5 billion in tax credits offered by New York. “The money the state is putting up is so large that certain companies can’t afford not to look at it,” Sheehy said. The subsidy offers are generally embraced by politicians from both major parties and the business elite, who point to promises of hundreds or thousands of jobs, massive investments in construction and equipment, and what they contend are immeasurable trickle-down benefits.ĭick Sheehy, a retired site selection consultant who traveled the world to inspect possible locations for semiconductor makers, told a panel of Oregon lawmakers in January that states are tipping the scales over better-qualified competitors by offering larger incentive packages. Some lesser-known names in the nascent EV field are getting big offers too, such as Rivian, Volkswagen-backed Scout Motors and Vietnamese automaker VinFast.
Many of the companies drawing the biggest subsidy offers - such as Intel, Hyundai, Panasonic, Micron, Toyota, Ford and General Motors - are profitable and operate around the globe. That total eclipsed the previous record of $17.7 billion that was committed to subsidizing such deals in 2013. More than $20 billion in public money was committed to subsidizing those known megadeals, according to Good Jobs First data. Eighteen of last year’s 23 known “megadeals,” in which state and local incentive packages to private companies exceeded $50 million in value, were for semiconductor and EV plants, according to the group’s data.
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