General Electric is going to be moving from its home for the last 40 years due to a dispute with Connecticut over tax increases that prompted the industrial giant to move out of Fairfield, according to the Boston Globe.
The company is going to announce on Thursday morning about things like jobs, placements, and any severance packages. They informed Boston's mayor and Massachusetts’s governor this morning.
Of course, this is all speculation until we get an official confirmation - and Deirdre Latour, a GE spokeswoman, declined to comment on GE’s plans.
GE has been contemplating a move from its Fairfield home since June, when they made their frustrations with Connecticut apparent. This all stems from a decision by state lawmakers where they approved a two-year, $40 billion budget that raised levies on businesses and wealthy individuals. Governor Dannel Malloy tried to work with companies, especially GE, to try to persuade them to stay. He even tried to work out on tax breaks, but it was all for naught.
Don't Miss: iPhone 8: Everything You Need to Know
Currently, GE has about 800 employees working on their Fairfield campus. The company had 4,900 workers across Connecticut, primarily in the Norwalk offices of the GE Capital lending unit that is shrinking to shift focus to manufacturing operations.