US Senate Finance Committee Approves Cooper Tupelo Bill

On January 15 the US Senate Finance Committee passed a bill that paves the way for Cooper Tire’s Tupelo, Mississippi plant to receive $13 million in bonds. Under the proposed deal, which must now be voted upon by the Senate itself, Cooper will receive a $6 million loan to move equipment and $7 million in grants for an expansion.

The bill requires Cooper to maintain a certain number of employees, and also provides a 1 per cent rebate on the 3 per cent withholding tax paid by the company.