Massachusetts to Hold Hearing Over Loss of 1,000 Fidelity Jobs

As Fidelity Investments plans to move 1,000 jobs out of Massachusetts to New Hampshire and Rhode Island, lawmakers are planning to hold hearing on March 29 to discuss how to penalize companies that receive tax breaks and then move.

“Fidelity has not only benefited from massive tax breaks and broken the agreement, but there ought to be very significant clawback provisions for its actions” Mark Montigny, chairman of the Massachusetts Post Audit Committee, told Bloomberg.

Montigny has also asked the state revenue commissioner to find out how much tax incentives Massachusetts has given to Fidelity since 1996, when the state passed a bill offering incentives.

Anne Crowley, a Fidelity spokeswoman, said, “We have met and exceeded our commitments to the state and will continue to do so in the future. All of the business decisions we have made over the years are with the intent to keep our company stable, strong and healthy. That is good for our employees and for Massachusetts.”