The US state of Georgia has decided to provide incentives worth more than 2.3 trillion won, including tax cuts, to Hyundai Motor Company, which builds electric car factories.
The Georgia state government announced an incentive agreement worth $1.8 billion (2.358 trillion won) on the 22nd local time, The Associated Press reported.
According to the agreement, the state of Georgia will grant Hyundai Motor Company more than $472 million in property tax relief.
Hyundai Motor will also receive a tax deduction of $212 million in return for job creation over five years.
In addition, the state government and municipalities near the Savannah area, where the Hyundai Motor plant will be built, will finance $86 million in power plant site purchases, $200 million in road construction, and $50 million in construction and mechanical equipment.
Hyundai Motor plans to invest $5.5 billion in Savannah, Georgia to build an electric vehicle-only plant and hire 8,100 local workers.
“The deal is the largest economic development contract in Georgia’s history,” the Associated Press reported.
[사진 출처 : AP=연합뉴스]