The state of Mississippi loaned GreenTech Automotive, an electric auto company, 4.9 million tax dollars. The reason? Seed money to create 350 new jobs.
The state says the company never created more than 143 jobs and now it's down to 10 employees. And the state says the company missed the past seven months of payments of $150,000 each. With the company a million dollars behind in payments, the state is now demanding all of its money back plus interest.
We agree that the state should get involved in helping new businesses create new and better jobs for the people of Mississippi. At the same time, the state must be frugal with our tax dollars.
It looks like this was a bad deal. We didn't get the jobs promised and we will see if we ever get our tax money back.
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