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The staff of the Tampa Bay Times

Hillsborough commissioners put some meat to tax break plan

15

December

Voters last month overwhelmingly passed a tax break program for new or expanding businesses in Hillsborough County without any details on how the subsidy will actually work. County commissioners agreed in concept to some of the broad brushstrokes Wednesday. They tentatively endorsed a program that would waive up to 50 percent of the county portion of property taxes for business that create at least 10 jobs. The waiver would last from five to 10 years, a sliding scale that improves based on the number of jobs created and the wages they pay. Certain businesses that locate in particularly distressed or environmentally damaged areas of the county could qualify for waivers of up to 75 percent of future property tax bills. “The object of this tax exemption...is to create new jobs, expand our long-term tax base, stimulate redevelopment areas, diversify our local economy and also enhance our ability to compete with other counties in the state,” said Commissioner Ken Hagan, who championed the initiative. “Unlike most of our incentive programs, this...will also benefit our local businesses that want to expand.”
 

[Last modified: Wednesday, December 15, 2010 7:14pm]

    

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