Commercial and Industrial Projects
Land & Personal Property Investment
The term of the abatement is based upon the amount of real (not including land) and personal property investment. The target investment is $5,000,000. The term of the abatement will be determined by dividing the amount of investment by the target investment and multiplying that number by the maximum years of abatement.
Example
The following example includes math symbols. The x symbol is used for multiplication, the / symbol represents division and the = symbols represents equals.
- $2,000,000 investment in real and personal property for a new construction project.
- 2,000,000/5,000,000 = 0.4
- 15 years x 0.4 = 6 years
- Percentage of Abatement: The maximum amount of abatement is 75%.
New & Retained Jobs
The percentage of abatement is based upon the number of new and retained jobs. The target number of new and retained jobs is 100. The percentage of abatement will be determined by dividing the number of new and retained jobs by the target of 100 and multiplying that number by 75%.
Example
The following example includes math symbols. The x symbol is used for multiplication, the / symbol represents division and the = symbols represents equals.
- 30 new jobs
- 30/100 =.3
- 0.3 x 75% = 22.5%
- Bonus - Percentage of Abatement
Additional Abatement for Increased Payroll
For those businesses whose payroll exceeds $30,000 per new and/or retained job, additional abatement of up to 10% may be provided.
Example
The following example includes math symbols. The x symbol is used for multiplication, the + symbol represents addition and the = symbols represents equals.
- Payroll - $1,500,000
- New jobs - 25
- Average per new job - $40,000
- 22.5% x 10% = 2.25%
- 22.5% + 2.25% = 24.75% per term