Tag: AllianceBernstein

Given $17.5M Tax Break to Bring Jobs to Tennessee, AllianceBernstein Now Pushes New York Policies

A.P. Dillon

AllianceBernstein, a money management firm given $17.5 million in tax breaks and incentives to relocate its headquarters to Nashville, has already begun to push New York City style policies at the state’s legislature. The Tennessee Department of Economic & Community Development announced in May of 2018 that AllianceBernstein would its corporate headquarters from Manhattan to Nashville.  The move is set to happen in 2020 and is supposed to bring 1,050 jobs to Nashville, but the company is already inserting itself into local politics. This week, The COO of Alliance Bernstein and several LGBTQ organizations came in opposition to three bills they allege discriminates against LGBTQ individuals. “AB chose to move to Tennessee because we believe it is a welcoming state that is focused on growing jobs, incomes and the tax base, which will improve lives for all Tennesseans,” AllianceBernstein COO Jim Gingrich said in a statement. “We believe strongly in the need for continued investments in education, safety, infrastructure for all,” Gingrich said. “The bills being debated in the current session of the legislature send a clear message to certain constituencies that they are not welcome.” The bills being opposed by AllianceBernstein include a public indecency law, an adoptions law, and protections for a business’…

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Tennessee Taxpayers Gave $1 Billion in Corporate Welfare Last Year

Chris Butler
Bernstein

You, the taxpayers of Tennessee, helped give away nearly $1 billion in tax credits to corporations who set up shop here last year. State law, as it turns out, forbids you from finding out exactly what kind of return you’re getting on your investment. In other words, even though the money came out of your wallet, you may not know how any one corporation spent it. For this, you can thank Tennessee’s confidentiality laws. Mark Cunningham, spokesman for the Nashville-based Beacon Center of Tennessee, a free market think tank, said state officials hide behind them. “Beacon wants the books to be completely open when it comes to corporate handouts,” Cunningham said. “If you are getting money from the taxpayers then we should know how many jobs you are creating and what that money is being used for. If you are taking our money then you don’t get to hide behind these walls, in our opinion.” When there’s more transparency with these tax credits then there’s more clarity. When there’s more clarity about what, precisely, corporations do with this money then there’s more likelihood the taxpayers will dislike it, Cunningham said. The state’s powers that be, of course, bestow these tax…

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Tennessee Loses Money Spending $17,500 Per Job to Lure 1,000 AllianceBernstein Employees to Nashville from New York City

Jason M. Reynolds
Tennessee Capital building

A $17.5 million tax incentive from the state of Tennessee to lure 1,000 jobs to Nashville–$17,500 per job—came at the expense of taxpayers to lure well-paid corporate executives when they already were drawn to the state’s other features like a favorable tax structure, experts say. The Tennessee Department of Economic & Community Development announced in May that AllianceBernstein Holding LP would its corporate headquarters and about 1,050 jobs to Nashville from Manhattan. ‘On the backs of taxpayers’ When the announcement was made, Mark Cunningham of The Beacon Center of Tennessee called for the state to not offer incentives: “While the Beacon Center welcomes AllianceBernstein to Nashville with open arms, it should not be on the backs of Nashville and Tennessee taxpayers. The company is leaving high-tax New York City and coming to Nashville because of our extremely favorable tax structure that includes no state income tax and the phase-out of the Hall Income Tax on stocks and bonds. Their decision to already relocate here before any incentives are awarded proves that we can attract businesses with our economic climate, tax structure, and fiscal responsibility, and that we do not need to give them the tax dollars of hard-working Tennesseans on…

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Relocation of AllianceBernstein to Nashville is ‘Rebuke’ of Wall Street

Jason M. Reynolds

AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, in a move MSN/Bloomberg calls a “rebuke” of Wall Street. Some of AllianceBernstein’s functions like portfolio management will stay in New York, workers from legal, sales and marketing, and finance will begin moving to Music City this year. Chief Executive Officer Seth Bernstein will join them in Nashville in 2020. The company will invest more than $70 million to set up its Nashville headquarters, the Tennessee Department of Economic & Community Development said. AllianceBernstein considered 30 cities on factors like cost of living and weather, Bloomberg said. AllianceBernstein has a rating of 3.5 out of 5 on employee rating website glassdoor.com. Bloomberg reports that AllianceBernstein is not the only finance giant to sour on the Big Apple. Goldman Sachs Group Inc. has built up operations in Salt Lake City, while Deutsche Bank AG has expanded in Jacksonville, Florida. The Wall Street Journal said the rush to leave New York started after the last financial crisis as finance companies looked to cut expenses and find lower tax rates. The tax plan Congress passed earlier this year is also a factor as many of these companies relied on…

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Nashville Draws $70 Million Corporate Finance Headquarters

Jason M. Reynolds

A global asset management firm will build a $70 million corporate headquarters in Nashville, the state announced in a press release Wednesday, May 2. Tennessee Gov. Bill Haslam, Department of Economic and Community Development Commissioner Bob Rolfe and AllianceBernstein L.P. (AB) officials made the announcement. The relocation of its company headquarters will create more than 1,000 corporate jobs, including positions in finance, IT, operations, legal, compliance, internal audit, human resources, sales and marketing, WSMV reported. “Tennessee is home to many world-renowned brands and we’re extremely proud to welcome AllianceBernstein, a global financial leader, to Nashville,” Haslam said in a press release. “Tennessee’s pro-growth policies continue to attract international companies to our state, providing fantastic job opportunities for our citizens. AB’s decision to bring 1,050 corporate office jobs to Nashville is an incredible win for our state and shows that Tennessee will lead in creating high quality jobs.” Rolfe said in the press release, “Since 2011, Tennessee’s financial industry has grown at the second fastest rate in the Southeast, creating approximately 24,500 jobs.” The year-long search for a new location started with 30 cities. In the end, Bernstein said Nashville was the clear choice, WSMV reported. AllianceBernstein’s headquarters are currently in New York…

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