Wednesday, February 1, 2012

Richmond Common Council Approved Alternative Tax Abatement Schedule in January

The Richmond Common Council approved an alternative tax abatement schedule for projects that promise to create at least 10 jobs, invest at least $3 million and pay more than 50 percent over the state minimum wage.

The new ordinance, which initially offers a 75 percent abatement or deduction from taxes on improvements for 10 years and increases of 5 percent for additional investment and job creation, also requires the company to pay major medical health insurance to all full-time employees.

http://www.pal-item.com/apps/pbcs.dll/article?AID=2012120117040