In an effort to collect on tax credits it says it is owed, Bridgestone Americas, one of the world’s largest tire companies whose American headquarters is located in Nashville, is suing the state of Tennessee.
“Bridgestone has filed a complaint in Tennessee Chancery Court regarding corporate tax credits accrued in 2017 and 2018,” Bridgestone Americas Communications Director Sara Cooper confirmed to The Tennessee Star. “The complaint was filed as a procedural protection of the company’s interest while the Tennessee Department of Revenue completes its review of these credits. Bridgestone cannot comment further on on-going legal matters.”
In 2014, the Metro City Council voted in favor of giving tax incentives to Bridgestone that, over a period of 20 years, are expected to be worth more than $56 million.
At the time, Bridgestone was building a 30-story tower in Nashville, for which it was promised a 100 percent property tax discount over two decades. The company invested $200 million into its new American headquarters, which was built privately.
It was also promised a $500 state grant for every new employee it brought to Nashville over a period of seven years. On top of its 1,100 Nashville employees in 2014, the state expected the company to bring 600 new employees to Tennessee.
The tax credits were handed down to help ensure that Bridgestone, which was located in Donelson at the time, did not set up shop in another state when it announced that it was preparing to move its headquarters.
Bridgestone broke ground on its new building, the Bridgestone Tower, in 2015. It moved into the building two years later, in 2017.
The company did not specify exactly which corporate tax credits it is seeking to recover from the state.
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Pete D’Abrosca is a contributor at The Tennessee Star and The Star News Network. Follow Pete on Twitter. Email tips to [email protected].
Photo “Bridgestone American Headquarters” by Lchader. CC BY-SA 4.0.
Nothing more than corporate welfare, funded off the backs of the middle class. Our Governors need to stop making deals like this..
Hmm…have to spend millions suing in order to get paid millions “you’re owed” on top of the millions you made…. I think someone may have too many millions for their own good! I bet you could find SEVERAL employees that would be far more deserving of a pay raise than throwing this money at lawyers! Corporate America needs to screw their heads on right!