GE closing could eliminate $1.2M in taxes

Monroe County could lose $1.2 million in taxes after General Electric Co. closes its refrigerator plant in Bloomington next year.

The company paid nearly $1 million in property taxes last year, and the $22 million payroll likely generated about $221,000 from the county’s 1-percent county option income tax, according to The Herald-Times of Bloomington.

The figures, generated by a task force that’s assessing possible impact of the closing, assume none of the nearly 900 workers finds another job-an unlikely scenario.

GE announced in January that it would close the plant because it had become too expensive to operate.