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Council approves tax-back incentive for NORAC expansion estimated above $15 million
Summary
The council passed Resolution No. 9 to extend a state tax-back rebate for construction materials to support an expansion by NORAC, an existing city manufacturer that officials say will add jobs.
The Helena/West Helena City Council approved Resolution No. 9 to participate in the state’s tax-back incentive program for a planned expansion by an existing local company, identified in the meeting as NORAC. A presenter told the council the incentive rebates sales tax on eligible building materials and equipment used in the expansion and that the project’s materials are expected to exceed $15 million.
The presenter (speaker 12) described the program as an economic-development tool the council has used previously and said the incentive does not directly subsidize payroll but the expansion is expected to create jobs. The presenter asked the council to forward the same resolution to the county quorum court; the council moved, seconded and approved the resolution on a recorded roll call (6 yes), and the resolution passed.
Council discussion focused on the mechanics of the tax-back program; council members recorded support for moving forward with the resolution. The resolution will also be considered by the quorum court, per the presenter’s comments.
