General Electric's Headquarter To Be Housed In Boston

General Electric has plans to shift its headquarter from Boston to Connecticut

General Electric Company, has plans regarding moving its global headquarter to a new destination. The company has shortlisted Boston to be its next headquarter as per The Boston Globe. As per the sources, the management of the company approached the Mayor, the governmental staff and the governor reported on Wednesday morning. It is also speculated that an announcement will soon be made regarding the headquarter.

Boston is the final selection which has superseded the New York Providence along with other cities forcing the industrial giant to relocate. The location along with the details of the agreement have not been provided as of yet. However, if this turns out to be true then GE will become the largest company to be situated in Boston. Currently, General Electric which has annual revenues worth $150 billion is headquartered in Fairfield, Connecticut.

The company had plans to move in July earlier. This was because the local Connecticut government had increased the taxes and had also come up with a weird unitary tax that was implied on local corporations. The tax incorporates out of state revenues as well. The company’s headquarter was operational in the region for the past 42 years but now they have finally formed another committee that is devoted to finding a new home for the company.

Once the taxes were enforced, several corporations operational in the region raised their concerns over the matter and thus the local bodies decided to reduce a few of the taxes that were implied.

Previously, when the company was shortlisting its preference, it had several other countries as the possible host including Atlanta and other cities on the southern side. The company is already operational in Boston since it has its life sciences division harbored there. Moreover, some offices of the jet engine segment are also in Boston.  Apart from the jobs, the company’s headquarters will be offering the state with several corporate taxes as well.  Another reason why the company is eyeing on Boston is that the region has several highly qualified professionals which can take the company to newer heights in the times to come.

It seems like an extremely sane decision by the company to move its headquarter elsewhere. Connecticut has already made survival hard for corporations and it can also get more crucial in the times to come.  Thus, leaving the country at the right time will protect them from paying hefty taxes which can become quite unbearable if not dealt properly.