The Monroe County Council found fourteen businesses in Monroe County to be in compliance with their tax abatement agreements with the county. Fifteen companies were up for review but one went out of business since its last review.
County Council President Geoff McKim says tax abatements allow businesses to grow and create a better economic environment in the county.
“Most abatements are for ten years and they gradually increase in the percentage of the assessed value that that company created that they’re paying taxes on,” McKim says.
McKim says when a company applies for a tax abatement they submit a Statement of Benefits listing the incentives they can provide for employees and the community. The Economic Development Commission then measures the company’s performance.
To be granted compliance businesses like Author Solutions, Baxter Pharmaceuticals and Cook all retained or created jobs over the past year.