Commissioners consider expanding property tax credits to cover business renovations
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Summary
A proposed change to county tax-credit rules would add renovation of existing businesses to eligible activities and change employment and capital investment thresholds; committee awaiting draft language.
County commissioners discussed a proposal to modify property tax credits intended for economic development by adding renovation of existing businesses to the list of qualifying activities.
According to the draft concept discussed, the change would expand eligibility beyond newly constructed businesses to include capital improvements to existing commercial properties. Committee members said the legislation would also adjust the required number of employees and the dollar thresholds for qualifying capital investment; specific numbers were not available in the meeting and staff said the formal draft has not yet been received.
Staff indicated they would circulate the blueback (draft) to members when available so they could review the revised thresholds and eligibility criteria. No formal action or vote occurred during the meeting.
Ending: The committee will review the blueback when circulated and consider adjustments to employment and investment thresholds before any vote.