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“Taxpayers should not be stuck with the bill to fund a private business’ profits.”
NASHVILLE, TN — Americans for Prosperity – Tennessee (AFP-TN) called on state and local leaders to scrutinize Oracle, amid reports of layoffs after the company received nearly a quarter of a billion dollars in taxpayer money.
Oracle has received $65 million in Economic Community Development (ECD) grants from the state, to create 5,000 new jobs, and $175 million in local property tax breaks. AFP-TN is calling on the legislature to utilize claw backs on ECD funding if employment numbers are not hitting benchmarks and on Metro Council to examine forgone revenue from future property tax breaks.
AFP-TN State Director Tori Venable released the following statement:
“If true, layoffs by Oracle are a massive breach of taxpayer trust. It is exactly why claw back provisions are important with any deal the government makes. If a company is not living up to their community development promises, taxpayers should not be stuck with the bill to fund a private business’ profits.”