Pottstown is making a deal with businesses to boost investment in local revitalization. Under the terms of the proposal, qualifying companies would get to bypass paying taxes on the improved value of their facilities in exchange for the economic development and its ripple effect throughout the neighborhood.
As long as the Pottstown School District and Montgomery County sign off on the proposed ordinance, the borough will start offering the seven-year Local Economic Revitalization Tax Assistance Act incentive to targeted areas of town, according to a Reading Eagle report by Gabbie O’Grady.
Improvements, new construction and reconstruction would all be counted in the tax break, which would diminish from a 100 percent reduction in taxes the first year to a 10 percent reduction in the seventh year, and an added incentive would be given to Pottstown businesses that commit to search for new employees from within the borough before looking elsewhere.
Click here to read more about Pottstown’s progress on the LERTA business tax break in the Reading Eagle.