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County approves tax-sharing contract to benefit Franklin-Simpson Industrial Authority
Summary
Simpson County Fiscal Court approved a grant contract allowing the Franklin-Simpson Industrial Authority to receive 70% of occupational tax revenue from businesses within the Stone-Givens Industrial Development Area, effective Aug. 1, 2023.
Simpson County Fiscal Court approved a grant contract that allows the Franklin-Simpson Industrial Authority to receive 70% of occupational tax collected by the county from businesses operating within the Stone-Givens Industrial Development Area.
Magistrate Scott Poston moved to approve the contract and Magistrate Myron Thurman seconded; the motion carried unanimously. According to the minutes, the change takes effect Aug. 1, 2023. The document authorizes revenue-sharing but the minutes do not provide the estimated annual tax revenue or financial impact on the county general fund.
The court recorded the contract approval during its July 18 meeting; the minutes do not include additional conditions or timelines for the Authority’s use of funds.
