The Commonwealth of Massachusetts approved $6 million in tax incentives to help Smith and Wesson expand their manufacturing plant in Springfield. According to the Boston Globe, this was the second-largest tax incentive award by the commonwealth in 2010.
The $6 million in tax breaks, which will be spread out over seven years, work out to nearly $27,000 per job and form the second-largest incentive package the state has awarded this year. The state recently reconfigured its tax incentive program to steer more money to manufacturers and other companies with significant out-of-state sales, and to give preference to businesses expanding in poorer cities such as Springfield.
Smith and Wesson is expanding their Springfield plant as they shift production from their Thompson/Center plant in New Hampshire. They plan to add 225 new jobs at the Springfield plant. Greg Bialecki, Massachusetts Secretary of Housing and Economic Development called it a very big expansion for western Massachusetts.
The company announced the award on December 21st in a press release on their investor website. They noted the company had been approached by other cities and states to expand outside of Massachusetts.
The award resulted after several months of discussion between the Commonwealth and Smith & Wesson, while the company considered location options for its rifle manufacturing. James Debney, President of Smith & Wesson Firearms, said, “Although several states and cities have approached us to entice expansion into their locations, Massachusetts and the Patrick-Murray Administration, Secretary Bialecki and his office, and Springfield Mayor Sarno and his staff, collaborated on the project to make our choice clear. These administrations are highly collaborative and worked closely with us on incentive programs to structure an agreement that demonstrates the commitment of both the Commonwealth and the City to not only Smith & Wesson, but to our employees, the local community, and to manufacturing in Massachusetts.”
Given that Governor Deval Patrick is very anti-gun, it goes to show that jobs trump liberal policies in a recession. I’m surprised we haven’t heard from the Brady Campaign moaning about this being a waste of taxpayer monies.