A firestorm is brewing over the more than $40 million state tax break Diageo will receive as an incentive to move its North American headquarters from Stamford to Norwalk. Both cities are in Connecticut.
Business and political leaders in Stamford are questioning the deal, which could be overturned by legislators, according to the Stamford Advocate.
Diageo said that it appreciates the support and assistance the state has offered and “hopes it all works out.”
“In order to remain competitive in the current economic climate, we have been working with the state to make it possible for us to remain in Connecticut,” Diageo said in a statement.
The tax break, spread over 10 years, required Diageo to grow its employee base from the 700 who worked in Stamford to about 1,000 at the Norwalk facility. Diego is also expected to get $1.8 million in sales tax exemptions and an 80% tax break on property taxes over a five-year period, the report said.
The beer, wine and liquor company is consolidating its White Plains and Stamford offices at a 275,000 square-foot facility being built in Norwalk.
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