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Article: Cannelton, Ky., Economy Exceeds Expectations.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 16, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. 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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Feb. 15--CANNELTON, Ky.--Governments give businesses tax abatements in hopes of stimulating the local economy, while businesses seek the relief to help pay for improvements. Cannelton City Council members felt three tax abatement agreements with Best Chairs Inc. was helping both parties Tuesday night, extending them for another year.
Each abatement allows 100 percent tax relief on real property and equipment the first year of the agreement. Then, a sliding scale of 10 percent is subtracted from the abatement amount each year. Real property abatements are based on 10-year terms, while those including equipment are on five-year terms.
Steven Wahl, chief ...