TERRE HAUTE, Ind. (WTWO/WAWV) – The Terre Haute City Council reviewed its active tax abatements during a special meeting on Thursday.
The council does this once a year to ensure that they’re holding businesses accountable.
“We’re making sure that the companies that have received those abatements are staying true to their word,” Councilman Curtis DeBaun said.
Tax abatements usually span over the course of ten years and gives businesses property tax breaks. These businesses usually promise more jobs and economic prosperity to the communities that they look to join.
However, they must follow strict guidelines to keep their abatement. Businesses are required to show that they’re following the promises made in order for them to keep their abatement. DeBaun said that businesses that do not do this could have their abatements ended.
“If there’s a significant difference in what they told us that they were going to do,” DeBaun explained. “We can vote to rescind the abatement to end that abatement if we believe that is necessary.”
DeBaun emphasized that these abatements are an important tool in bringing new businesses to the Terre Haute community.
The next scheduled Terre Haute City Council meeting is June 9th.