Jeremy, 57; History, Eq. Pl. Sec. 354. Tax benefits are made available to any city, county and tax unit with a code-compliant participation in accordance with section 312.002, tax identification number. The general process for a city or county is described below to execute a tax reduction agreement in a designated reinvestment area as well as mandatory reporting to the comptroller. In the context of taxation, a reduction in the tax reduction is a reduction in the tax collected. The tax reduction reduces the tax burden on the share of assets after taxation and tax collection. The mitigation agreement must contain all the information required under section 40-9B-6(b) and a copy of this agreement must be submitted to the Ministry within 90 days of the tax reduction being granted. ZF, one of the county`s first auto subcontractors, expanded its plant at Tuscaloosa Airport Industrial Park when it received the initial reduction nearly two years ago. At the time, ZF estimated its expansion costs at $US 17.8 million and said it expected 93 jobs to be created. In the end, he invested nearly US$18.2 million in the project and added 115 new jobs.
When the initial tax reduction was granted, ZF had already poured concrete for the foundations of the expanded plant and installed some steel frames. Under the law, reductions can only be granted to builders for construction that takes place after the reduction has been authorized. The cost of this mitigation work has been removed from the number of reductions and additional investments in the extension have been added. In the end, the company scrambled more than expected for the project, but received fewer reduced taxes — 1,231,457 $US originally to now reach US$1,028,923. Longgrear said the company will most likely expand to Mexico, which has become the southeast`s biggest competitor in the auto industry to attract new investment. “Mexico`s component will always be a factor,” he said. He said his employees are also working with four existing industries in the county, considering extensions and a new industry called Project Manta, which envisions the county for a possible $60 million plant. He said the Authority was also following prospects in the aerospace industry, “like everyone else in Alabama.” These companies would manufacture parts for the new Airbus aircraft that will be built in Mobile, he said. .