is one of 16 states that has such a program (and one of six that has two!),
costing Mainers $10.2 million in tax revenue last
year alone - cash that would be sent to the treasury but instead is kept by
Bath Iron Works is the
biggest beneficiary in Maine,
and 14th biggest beneficiary in the country. The company is owned by General
Dynamics, a major government and military contractor with billions in
taxpayer-funded contracts and profits. But over ten years, Johnston's report shows, BIW has gotten more
than $60 million in tax breaks of this type.
Some of you may be startled to learn this, but we here at
the Phoenix are
not. We reported on this tax break and billions
of dollars in other corporate giveaways back in 2008, based on the first-ever
complete survey of Maine's
tax breaks, conducted by Maine
Revenue Services. It was a story called "Tax Break Heaven," by Lance Tapley.
The survey, repeated every two years, details the BIW credit
as "the shipbuilding facility tax credit," and capped at $3.5 million per
company. You can see the latest report here (look under "Expenditure Reports") - with a page for every single tax break the state offers. Here's a direct link to the latest PDF.