News
After Failing To Meet Terms, Bexar County Ends Baker Hughes' Property Tax Abatement
March 8, 2017
The Bexar County Commissioner court voted to end Baker Hughes' tax abatement on the company's 60-acre property and 150K SF office, the San Antonio Business Journal reports.
Under an agreement signed in 2011, Baker Hughes would receive a 50% property tax break if it committed to a $30M capital investment and maintaining 405 jobs. Since then, Baker Hughes has weathered stormy waters in the energy sector, dropping the number of San Antonio employees to 180, leading to the deal's termination. In 2016, Baker Hughes reported a $2.7B loss on $9.8B in revenue. The office, off Loop 410 near Interstate 37, will remain open.
