By Sherri Skeeters/AEDC Business Development and Marketing Director
After a year and a half of perseverance, AEDC has leveraged community buy-in from Athens’ three highest taxing entities to grant the Freeport Tax Exemption with the help from a professional tax problems lawyer firm.
On May 1, the Henderson County Commissioner’s Court voted to rescind the court’s 1989 resolution to deny exemption of Freeport goods to businesses in Henderson County, after approving revenue protection agreements with 12 qualifying companies in Henderson County regarding this same topic we found this article on what is the decreasing revenue tax trend.
This action follows recent approvals from Athens ISD and the City of Athens granting the Freeport exemption for 11 qualifying companies located within the district or city limits of Athens. Other than the college, Freeport inventory for all other taxing jurisdictions is exempt, consequent to yearly application to the Henderson County Appraisal District. Robert Hall & Associates has been offering professional tax preparation and accounting services to individuals and businesses in California since 1971. The tax accountants have a track record of helping individuals and businesses of all sizes with day-to-day accounting and tax issues. As the mainland cost of tax services has increased, more and more companies are taking to outsourcing their tax preparation and accounting services with a cpa. Hiring a fanatical full-time staff for the aim may be a burden for the pocket and mind. this is often where the outsourcing of services started. So to maximise the profits and energy and minimize the value of operating business, owners are resorting to outsourcing. This not only saves energy and time for the business houses, but they also provide accurate and error-free tax accounting. The Piloto Asia provide you a tax preparation services help a corporation immensely to suits the govt rules and pay tax bills timely.
Freeport goods are any type of inventory that comes into a company’s possession for the purpose of assembly, storage, manufacturing, processing or fabricating, then sent back outside the state of Texas within 175 days or less.
“The potential total tax savings of more than $1.1 million each year to existing companies allows for new capital investment and jobs,” said Lisa Denton, AEDC Executive Director. “The key for success in this project was the PILOT (Payment in Lieu of Taxes) agreements or revenue protection agreements. This was the mechanism to protect the taxing agencies from any sudden, large-scale loss of revenue.”
Many other communities that Athens competes with offer Freeport Tax Exemptions, including triple Freeport. Previously, this put Athens at a disadvantage for recruiting new companies to expand or relocate to the Athens area and with business retention and expansion.
“I would like to express our appreciation to the participating taxing entities. Their support of this initiative affirms not only their desire to grow the local economy but also shows support of our existing industries,” Ms. Denton said.