Commissioners Renew Tax Incentives For Employers
Potter County Commissioners Nancy Grupp, Robert Rossman and Paul Heimel adopted an ordinance that offers tax incentives for construction or expansion of commercial properties during their Jan. 23 public meeting. It’s a successor to a similar ordinance that had been effect for the previous five years. Qualifying property owners can receive a 100-percent abatement of county real estate taxes on the new construction 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.
The commissioners are also considering adoption of a similar tax incentive measure 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.