County Considering Expansion Of Tax Incentive Program
Potter County Commissioners are looking into revisions to the current ordinance that offers tax incentives for construction or expansion of commercial properties. Under the county’s ordinance, qualifying property owners can receive a 100-percent abatement of county real estate taxes in year one, 80 percent in year two, 60 percent in year three, 40 percent in year four, and 20 percent in year five.
A 1977 state law, the Local Economic Revitalization Tax Assistance (LERTA) Act, authorizes the tax incentive program to support business expansion and job retention/creation. The ordinance applies only to the county portion of real estate taxes. However, school districts, boroughs and townships can also offer the incentives.
Commissioners Nancy Grupp, Robert Rossman and Paul Heimel are now considering revisions to the county LERTA ordinance that would make certain residential property improvements eligible for the temporary tax reductions. Among those who support the expansion are the North Central Penn Board of Realtors and the Northeastern Potter Economic Development Association.