Continued Tax Abatements Approved
July 13, 2017
Continued tax abatements were approved for six area industries as the Huntington County Council recently approved various CF-1 compliance documents filed by those entities.
The six taxpayers were:
*A & E Equities
*Advanced Engineering, Inc.
*Gladieux Energy, LLC
*Intri-Cut Tool Co., LLC
*Mitchell S. Mounsey
Industrial employers who are approved for tax abatement must submit annual compliance reports, or CF-1s, in order to continue benefiting from the abatement. Taxpayers located outside city or town limits, are required to receive approval from County Council annually.
The combined impact of all six taxpayers accounts for approximately $61 million in payroll impacting hundreds of workers. The combined private investments made by those taxpayers under their original applications for abatement total approximately $25 million.
"Industries approved for tax abatement still pay property taxes, but at a discounted rate as applied only to their new investments," said Mark Wickersham, executive director for the Huntington County Economic Development Corporation. "Abatements are not cash payments from the taxpayers to industries but instead function as a phase-in of the property tax liabilities of the industries resulting from new investments made by the industries. They serve as an incentive to encourage companies to make new investments in our County," he added.