Thursday, September 22, 2016

Industrial Development Board approves guidelines for property tax abatement
The Industrial Development Board(IDB) of Newport and Cocke County has approved policies and procedures for property tax abatements for new industries, as well as for those existing industries who are planning an expansion. The amount of the abatement will be based on the number of jobs that are created due to the proposed project, the average wages to be paid by the applicant and whether it is above average for the county, and the capital investment made in the land, building, site preparation, equipment and any other assets relating to the project. In addition, the IDB may give special consideration to applicants making capital investments in excess of $20,000,000; the level of employee benefits paid to employees as compared to the local market; the use of local vendors during construction and after operations begin; the number of employees expected to move to the county as full time residents; the project being the headquarters of a business with multiple offices in the United States or abroad; and if the capital investment is in an area designated as a brownfield or other environmental or development challenges. The IDB also plans to develop incentives for the recruitment of retail establishments to the community. The Newport City Council and the Cocke County Legislative Body must approve the proposal before it is enacted. Three existing manufacturing firms, Oakcrest Lumber, RGE and Phoenix Closures, have already indicated they are interested in applying for a tax abatement.


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