Hardwood manufacturer, distributor, Anderson-Tully of Vicksburg, Mississippi is granted US$826,869 free port warehouse exemption; state-approved tax break seeks to ease burden on companies that store finished products for out-of-state distribution
February 5, 2014
– Anderson-Tully Co. will see an $826,869 drop in taxes after the company was given a "free port warehouse" exemption.
Since 2003, the state has allowed counties to phase out the property tax levied on goods shipped out of state. The phase-in would be over 10 years to reduce the impact of the loss of local revenue. Officials have described the tax as a burden on companies that store goods for later distribution.
ATCO's exemption is for 10 years. The tax break does not apply to school taxes.
The Vicksburg Post reports (http://bit.ly/1cRmc6Y ) that the lumber processor applied for the "free port" exemption last summer. Calculations were finalized Monday and approved by the board of supervisors.
ATCO employs 200 people at its facility in Vicksburg with a payroll of $13 million.
Information from: The Vicksburg Post, http://www.vicksburgpost.com
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