Economic & Tourism Development Tax Abatements
Updated February 8, 2000  Economic & Tourism Development
A tax abatement is a targeted reduction or elimination of a firm's local tax bill- usually the property tax obligation. Abatements are used as a tool to attract businesses or industry to a community. Such programs are authorized by state legislation and implemented by local governments. Such abatements fall into the broad category of tax expenditures, and often are part of the package of development inducements offered in enterprise zones. Visitor counts for this page. |