International Paper Seeks Nearly $60 Million in Tax Breaks

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(Memphis) The city and county effort to keep Memphis-based International Paper in Memphis is not over yet. The company is now asking for nearly $60 million in tax breaks.

In exchange, International Paper says it will keep more than 2,000 high paying jobs in Memphis.

It would also add more than 100 news jobs and build a fourth tower at its East Memphis headquarters.

If the tax breaks are denied, International Paper says it will consider moving local jobs to Ohio and could even move its headquarters out of Tennessee.

The tax break will be voted on next Wednesday.