In a local Coast community, Ocean Springs, MS has come up with a novel idea to get people to expand or innovate their businesses.
The proposed tax abatement will allow businesses to deduct up to 80 percent of their city property tax for a period of 10 years on any expansions or renovations.
It does not apply to businesses such as apartment complexes and condominiums.
Mayor Connie Moran said some business owners in Ocean Springs are unsure about expanding or renovating their businesses because of the higher tax bill they’ll receive.
By receiving a break on their city taxes, they can proceed with their improvement projects.
Another give away to business—where will the city make up for the revenue loss for this move?
Instead of looking for ways to increase the revenue and thusly able to fund city preojects without going in the hole, these people want to give away the revenue and worry about it later. It is all just a stupid political game.
This could be avoided by one very simple move–Land Value Taxation–it is not a difficult thing to do…it will take will and ability…two things that most of the mayors on the Coast do not have. They are elected by personality and likability, not capability
If more is needed about LVT then please click on my page here entitled, Land Value Taxation, and an explanation of the proposal will be there to check it out.