As reported here:
US defence contractor Honeywell has been fined US$13 million for harming national security after sharing technical information about American fighter jets and other military aircraft with China and other countries.
Honeywell said it “inadvertently shared” the technology during “normal business discussions.” Oopsie.
Fortunately for Honeywell, the generosity of North Carolina legislators will help them better afford paying the fine. Those of us who follow these things probably remember this news from 2018:
Honeywell, a Fortune 100 company providing software-oriented solutions for many of the world’s most complex industries, will locate its headquarters in Mecklenburg County, creating 750 well-paying jobs, Governor Roy Cooper announced today. The move is contingent upon Monday’s anticipated ratification and signing of legislation that has already passed the General Assembly along with approval of state incentives.…Honeywell’s headquarters location in Mecklenburg County would be facilitated, in part, by a Job Development Investment Grant (JDIG) contingent upon approval by the state’s Economic Investment Committee.
To sum up, one of the nation’s wealthiest corporations received a tax break to locate in one of North Carolina’s richest counties. A tax break not available to the overwhelming majority of other businesses in the state. Honeywell received an incentive package worth up to $42.5 million from the state, and a grand total of up to $87 million when local incentives are included.