INDIANAPOLIS (AP) — The $7 million incentive package Carrier Corp. will receive as part of a deal the furnace and air conditioner manufacturer reached with President-elect Donald Trump and Vice President-elect Mike Pence is a departure from how tax credits are commonly used in Indiana.
The Indianapolis Star reports Carrier will receive $5 million in tax credits over the next decade in exchange for keeping hundreds of jobs at its Indianapolis plant. It’ll also get $1 million in training grants and up to $1 million in additional tax credits based on its planned $16 million investment in the factory.
The deal differs from most other economic development agreements in Indiana as incentives are usually aimed at bringing in jobs, not retaining them.
The board of Indiana’s economic development agency must still approve the deal.