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Fairfield Worries About Tax Consequences Of Possible GE Move

Jack Welch
Jack Welch Photo Credit: Twitter

FAIRFIELD, Conn. -- The possible departure of General Electric from its Fairfield headquarters complex has local officials worried about tax revenue implications, according to a report in ctpost.com.

The company has reportedly considered donating the campus to a nonprofit organization, which would take the property, valued at about $84 million, off the local tax rolls, ctpost.com reported.

Recently, there has been talk that GE might donate the complex to nearby Sacred Heart University in Fairfield, which named its business school for former CEO Jack Welch, according to ctpost.com.

GE has been looking for a new headquarters site for months in areas near Boston and New York, blaming the tax rules in Connecticut.

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