Category: Local Incentives, Recruitment
Businesses investing in Montgomery County have access to a comprehensive and balanced package of financing and tax incentives ranging from tax abatements to job creation grants. Depending on the economic impact the project would have in the county, individual communities partner with Montgomery County to build custom packages to cover expenses such as machinery relocation, building development or purchase, personnel costs, start up costs, and even working capital.
Incentives range from $500/job to up to $1,250/job, depending on the number and salary rate of employees hired. Employees that live in or relocate to Montgomery County can boost these incentives by adding an additional annual incentive based on employee residency. Typically, the city and county will match these terms, which doubles the incentives available to a new industry.
Businesses that are constructing new facilities in Montgomery County are eligible for two types of abatments:
- Statutory Economic Development Incentive Tax Abatement (EDX); or
- Industrial Revenue Bonds issued by the city/county to finance the project, providing up to a 10-year property tax abatement.
If the property is currently on the tax rolls, these abatements are also available but the rate of the abatement is based on the economic impact the project would have on the community. The reason for this requirement is to protect our community colleges and school districts, which heavily rely on existing property tax revenue to support the education of Montgomery County students. Properties like Southwire or the former Amazon building are eligible for these abatements with negotiated terms.
Montgomery County Action Council (MCAC) can assist companies wanting to access these programs. Our role is to serve as an ombudsman between the units of local government offering incentives and the investing company to achieve a positive result for all involved.
For more information on available incentives, contact Trisha Purdon at (620) 331-3830.