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Article: Tax tweak for industrial bonds spurs projects; Three local companies plan expansions with help of revamped financing option.(News)
- Article from:
- Crain's Cleveland Business
- Article date:
- September 25, 2006
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JAY MILLER
The industrial revenue bond is making a comeback thanks to a tweaking of federal tax laws, and it's helping three Northeast Ohio businesses launch expansion projects.
Included in the catchall Tax Increase Prevention and Reconciliation Act of 2005, signed by President Bush last May, was a provision that will allow more manufacturers to take advantage of tax-exempt industrial revenue bond financing. Until the change, only companies that spent less than $10 million on capital improvements over a six-year period were eligible for the tax-free financing. That $10 million cap has been raised to $20 million.
Since July, three ...