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Hardin County Tax Abatement Guidelines
Objective
The objective of this tax abatement program is to create new jobs, new capital investment, and a broadened tax base for our community by:
- providing an incentive for already established businesses to expand and/or modernize, and
- providing an incentive to attract businesses that might not locate in our community otherwise.
This program is not intended to provide abatement for any business venture whose decision to locate is based primarily on local market considerations.
Candidate Qualifications
- produce products/services primarily for markets outside of our community,
- compliments existing businesses and/or increases the diversity of our community's economy,
- does not endanger existing businesses via direct competition,
- creates new jobs and capital investment as outlined in the "abatement schedule" below.
Abatement Schedule
The amount and term of abatement will depend on the number of additional fulltime (or equivalent) jobs or the amount of capital investment as follows:
# Fulltime Jobs OR |
Capital Investment |
% Abatement |
Term of Abatement |
15 |
$1,000,001 - 2,500,000 |
100 |
Construction Period + 1 year |
25 |
$2,500,001 - 5,000,000 |
100 |
Construction Period + 3 years |
50 |
$5,000,001 - 7,500,000 |
100 |
Construction Period + 5 years |
75 |
$7,500,001 - 10,000,000 |
100
60
30 |
Construction Period + 5 years
6th Year
7th Year
|
100 or more |
$10,000,001 or more |
100
80
60
40
20 |
Construction Period + 5 years
6th Year
7th Year
8th Year
9th Year |
The number of additional fulltime (or equivalent) jobs specified in the abatement contract should be maintained for the entire term of the abatement and pay at least federal minimum wages.
Only the increase in fair market value of real property directly resulting from the development, redevelopment and/or improvement specified in the abatement contract will be eligible for abatement.
The construction period may not exceed two (2) years.
Abatement Committee
Upon receipt of an application for tax abatement, the County Judge will create and chair a tax abatement advisory committee consisting of the County Judge, the County Commissioner or County Commissioners of the precinct or precincts in which the proposed project is located, and two representatives each of all other affected taxing jurisdictions.
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