“Smith & Wesson will save $6 million on its state corporate taxes over the next seven years in exchange for moving 225 jobs here from Rochester, N.H., according to an agreement approved Tuesday by a state panel,” masslive.com reports. And now we know why Smith & Wesson shuttered the Thompson/Center brand’s Granite State ops. Well, another reason, other than the Six Sigma-style brand-defiling rationalization process that infects the firearms and security holding group. Sorry, did I say $6m? Make that $6m plus. “Melinda M. Phelps, an attorney for Smith & Wesson, said the company is also negotiating a tax break with the city.” And here’s the dirty little secret about all that . . .
First, here’s Smith’s part of the bargain:
Smith plans to start hiring in Springfield for Thompson/Center in January, said Seth M. Wilson, also a lawyer for Smith & Wesson.
The 225 jobs will range in salary from $30,000 to executive positions paying $160,000 a year. These will be in addition to 912 employees already at Smith & Wesson in Springfield.
And now the catch. Kofi Jones, spokesperson for the Economic Assistance Coordinating Council, tells TTAG that the Bay State gunmaker only has to hit 50 percent of its job creation promise to retain the tax break.