Bedford Redevelopment Commission Approves Proposed Tax Abate for General Motors Corporation
BEDFORD - JULY 11, 2022 - In their meeting Monday afternoon the Bedford Redevelopment Commission approved a ten-year 100 percent Personal Property tax abatement proposal.
This tax abatement will put the Bedford Plant in the running for a Proposed $47 Million project that will focus on the casting for its electric vehicles.
Following this approval, the proposed tax abatement now moves on to the Bedford City Council.
15 percent from the savings from the tax abatement will be given to the Bedford Redevelopment Commission per state statue for redevelopment purposes.
General Motors is finding a location for a future casting operation at location in North American and the tax abatement is one of many factors to determine the location.
The General Motors Corporation has already six others tax abatements:
Personal Property 2010 - Equipment and tooling to produce Mold Head Casting
Personal Property 2011 - Equipment and tooling to produce Mold Head Casting
Personal Property 2014 - Personal property Furnish and install Machinery, equipment, and special tooling to produce aluminum Block castings - this is for small gas engines and this segment of the business is doing well
Personal Property 2015 - Furnish and install machinery and equipment and special tooling to support Die Casting Operations for various products. This includes 6, 8, 10, speed transmissions
Personal Property 2016 - Furnish and install machinery, equipment and special tooling to produce aluminum block castings - This CSS business haves struggled according to Glenn Samspon.
General Motors has invested over $108 Million in the Bedford Plant since 2010 and have not sought for tax abatements on some of those investments.
In 2022 the Property tax generated by General Motors is approximately $1.7 Million that the company contributes to all levels of government.