Tax Abatement on Equipment
To encourage investment in job creation, the City of Springfield provides 50% abatement of personal property (equipment) for 10 years if a company invests a minimum of $5 million and creates or retains 100 jobs at or above the county average wage. This benefit is provided via the Chapter 100 (Industrial Development Bonds) program and is required to be approved by the City Council.
Industrial Development Bonds may be used to provide real and personal property tax exemption and the city owns the equipment during the term of the bond. They may be issued to finance the land, buildings, fixtures and machinery for the following:
- Warehouses
- Distribution facilities
- Research and development facilities
- Office industries
- Service industries engaged in interstate commerce
- Industrial plants
- Certain types of commercial development
For information on the approval process and policies, click here.
