Associated Press calculations show projected incentives will rise by more than $290 million from the $1.8 billion deal originally announced last year.
The deal calls for Hyundai and battery maker LG Energy Solution to invest $7.6 billion in the Georgia plant and hire 8,500 workers by the end of 2031.
It’s the largest economic development deal in Georgia history, and comes with the largest incentive package.
If Hyundai didn't owe that much state corporate income tax, Georgia would instead give the company personal income taxes collected from Hyundai workers.
The deal requires Hyundai to pay back a portion of the incentives if the company falls below 80% of promised investment or employment.
Persons:
Pat Wilson, Wilson, Jobs, Jeff Amy
Organizations:
Hyundai Motor Group, South Korean, Associated Press, Hyundai, LG, Economic, Local, U.S
Locations:
SAVANNAH, Ga, Georgia, Ellabell, Savannah, Bryan County, U.S, United States, North America, Atlanta