Mercury will give back Oklahoma tax incentive - Trade Only Today

Mercury will give back Oklahoma tax incentive

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Mercury Marine announced it will return more than $1 million in tax credits it received from the State of Oklahoma as an incentive to keep operations in Stillwater.

The company will be shifting operations from Stillwater to Fond du Lac, Wis., in the next 18 to 24 months following the union's acceptance of Mercury's contract proposal.

Mercury Marine will pay Oklahoma up to $1.6 million the state forgave as part of Senate Bill 929, which was signed into law June 1, the Stillwater NewsPress reports.

Oklahoma state Rep. Cory Williams told the newspaper Mercury Marine has agreed to pay relief, interest or fees accrued as penalties under the Oklahoma Quality Jobs Program that grants tax breaks based on criteria including employment numbers.

"With the decisions made last week around the consolidation of our underutilized manufacturing capacity, it is unlikely that Mercury Marine will qualify for the criteria outlined by the spirit of the bill in terms of employment levels and the scale and scope of our operation in Stillwater," said Mark Schwabero, president of Mercury Marine, in a statement.

Mercury is working with county and state officials in Oklahoma to make an immediate payment for any benefits it has received under this legislation.

Click here for the full Stillwater NewsPress article.


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