Tax breaks for developers may be sweetened

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News,Business,Taxes

GREENWOOD, Miss. (AP) — The city of Greenwood may offer sweeter tax breaks to developers who make improvements to their downtown buildings.

The Greenwood Commonwealth reports (http://bit.ly/1gPzPY2) the city council looked this week at a revised tax abatement plan offered by Main Street Greenwood Inc.

A vote could come when the council meets Feb. 18.

A four-year tax-abatement proposal would cover all local property taxes except school taxes.

The revision provides for 100 percent abatement on improvements for the first three years and 50 percent for the fourth year. Developers could qualify for one more year of tax abatement if their building is fully occupied with viable businesses by the end of the fourth year.

Officials say similar programs are already in place in Vicksburg, Cleveland, Natchez, Oxford and Ocean Springs.

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Information

from: The Greenwood Commonwealth, http://www.gwcommonwealth.com

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