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The subcommittee unanimously recommended increasing potential tax abatements to up to 60% and extending their duration for qualifying improvements, with the recommendation forwarded to the full Economic Development Commission.
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For improvements costing less than $3 million, the proposed maximum abatement would rise from 50% to 60% and the term from four to five years. For improvements costing $3 million to $5 million, the proposed term would increase from seven to eight years while the maximum abatement would rise to 60%. Projects over $5 million could receive a separately negotiated incentive based on investment and employment, but the full commission had not yet acted on the recommendation.
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