The Columbus City Council will consider tax breaks for two businesses at its Tuesday meeting.
Council members are scheduled to consider tax abatements for Toyota Industrial Equipment Manufacturing Inc. and Tipton Office Park Inc.A tax abatement is an incentive that reduces the amount of property taxes a company pays on real property such as land or personal property such as equipment.
The company will pay no property taxes on its improvements in the first year, and taxes will be phased in during the life of the abatement, normally 10 years.
TIEM officials said the company plans to retool its plant for future product models and for production of sub-assemblies for the South American market, according to the company’s abatement application.
http://www.therepublic.com/view/local_story/Tax-breaks-for-2-businesses-on_1361070917
