By Matt Artz
Thursday, July 16th, 2009 at 4:54 pm in Uncategorized.
From Torrico’s spokesman:
As written, the bill is a full exemption on the sales and use tax so it would affect local revenue. However, any loss would be substantially lower than if the plant were to close. Majority Leader Torrico is looking at a variety of options and the bill is likely to be amended as it moves forward.
Sales and use tax are key components of the $280,000 the city got from NUMMI last year, not counting the $1.9 million it got in property taxes. When NUMMI retools for a new model, the use tax Fremont collects can increase by about $300,000.