General Electric has found a new home. GE will move its global headquarters from Connecticut to Boston, the Boston Globe reports.
The move comes 40 years after General Electric settled in Connecticut, but resent tax disputes have forced the company to look to other locations.
In June, Connecticut passed a $40 billion budget that increased taxes on larger corporations, according to Reuters. This continues a pattern that has many big business feeling as though the state treats them unfairly.
The formal announcement will be made by the company on Thursday, according to Bloomberg.
It's estimated that the new base in Boston could employ up to 600 workers, right around the same amount that currently work in the Connecticut headquarters office.
There is no address yet, but it's likely that the company will move into South Boston.
The move to Boston is a vital one for the city, securing its position as an epicenter for innovation and growth.
This is also not the first time GE has decided to move and expand. In 2015, the company opened a new US headquarters in Marlborough for its Healthcare Life Sciences unit. GE also made public plans to open a division in the Greater Boston are focused on lighting and energy technology.
