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Thursday, October 1, 2015

General Electric Looks To Leave Connecticut

WASHINGTON, DC - FEBRUARY 13:  GE Chairman and CEO Jeffrey Immelt delivers opening remarks during the global conglomerate's four-day event "American Competitiveness: What Works," at the Andrew Mellon Auditorium February 13, 2012 in Washington, DC.  As part of its "Hire Our Heroes" program, General Electric Co. says it will hire 5,000 veterans over the next five years and invest $580 million to expand its aviation business.  (Photo by Chip Somodevilla/Getty Images)

GE CEO Jeffrey Immelt says a decision about the move will be made by the end of the year. (Chip Somodevilla/Getty Images)

General Electric, one of the world’s largest companies, has dropped a bombshell on its home state of Connecticut: It’s looking to relocate to another state.

As part of an attempt to plug a deficit, Connecticut lawmakers decided in June that its corporate citizens weren’t doing their part. So they proposed levying $700 million in new business taxes on them. GE responded by saying it would consider leaving Connecticut.

GE claims the tipping point was Connecticut’s decision to move to a unitary tax. The provision forces corporations with operations in multiple states to declare profits and pay taxes in the state where the work took place, instead of shifting it onto the books in a state with lower taxes.

Harriet Jones from Here & Now contributor WNPR, explains more about what is behind the possible move.

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