(WMC-TV) - Congratulations to Memphis City and Shelby County officials on their deal to keep the headquarters of International Paper in Memphis.
The devil is always in the details in these incentive packages that allow companies to avoid paying taxes in exchange for the other benefits they bring local communities.
There are certainly times when local governments give away too much in exchange for too little, but this doesn't seem to be one of those times. International Paper not only remains in Memphis, but as part of this deal, the company plans to add a new office building adjacent to its East Memphis headquarters on Poplar.
The company also plans to bring 100 new jobs from Austin, Texas to Memphis as a result of its recent acquisition of Temple Inland.
Currently, International Paper has 2,300 employees in the Memphis area. It's easy to criticize these tax relief deals, especially when many of us feel like we're paying too much in taxes. On the other hand, our local economy needs good-paying jobs like the ones IP is keeping here.
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