Tuesday, July 22, 2014

Daily Journal Reports Greenwood Offers Heftier Tax Break

From the Johnson County Daily Journal:

Greenwood used a tax break it had never used before when it enticed a cosmetics supplier to build a distribution center in the city.

The abatement provided bigger property tax breaks on equipment than on real estate and buildings and offered percentage discounts allowing the company to save more money over the course of the 10-year abatement than the city had ever offered in the past.

The state legislature approved the abatement formula, which allows cities to customize tax breaks for the companies they’re trying to attract, about two years ago.