by, posted on January 8, 2010 at 09:52
As every person in North Carolina saw their tax bill increase last year, the State of NC was busy granting a tax break to a company owned by the world’s 2nd richest man — Warren Buffett.
The Greensboro News & Record today reveals that flight simulator company FlightSafety is expanding operations to Greensboro will receive a $128,000 sales tax break on the purchase of the flight simulators.
FlightSafety is the largest such company in the world, according to its spokesman. It has 40 training centers and trains 75,000 people every year.
Formed in 1951, the company is owned by Berkshire Hathaway and trains pilots for other aircraft companies such as Gulfstream and Cessna.
This marks the second time in eight months that North Carolina has given incentives to a Berkshire Hathaway subsidiary. In April 2009, MiTek industries was given $28,000 in cash to expand its operations in Edenton, NC.
The sales tax break was contained in SB 1057 which passed the NC Senate unanimously (46-0) and passed the NC House by an 80-32 vote.
I guess the leaders of NC are concerned that Mr. Buffett had fallen to #2 on the World’s Richest Man list and wanted to give him a little extra cash to help get him back above Bill Gates.Share Investor Links
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