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Rating:A Massachusetts Mayor Questions Tax Breaks For Fido Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, June 14, 2010

A Massachusetts Mayor Questions Tax Breaks For Fido

News summary by MFWire's editors

Fidelity has slashed about 4,000 jobs from Massachusetts in two years, and at least one local government chiefs sees that as a good reason to revisit some tax breaks. In an op-ed in the Boston Globe, Northampton mayor Clare Higgins argues that a tax credit for Fidelity and other mutual fund firms has grown "ineffective".

"In 1996, Massachusetts passed a tax break estimated by legislative sponsors to be worth $70 million annually for the mutual fund industry," Higgins writes. "Fidelity now is shedding its Massachusetts workers even more rapidly than its workers worldwilde. Nevertheless, it continues to benefit from the ongoing tax break." 

Edited by: Neil Anderson, Managing Editor

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