Bridgestone seeks tax break for US plant
Bridgestone Americas appears to be seeking a five-year tax break as an incentive for it to make a planned US$20 million capital investment at its OTR tyre plant in Bloomington, Illinois, reports Tire Review. A proposal before local authorities would see property tax on the plant locked into its current rate for five years, even when the tyre maker makes improvements to the facility – Bridgestone intends to add plant equipment that would enable the manufacture of 25-inch OTR radials in Bloomington.
The Bloomington-Normal Area’s Economic Development Council, which prepared the agreement, estimates the five-year tax abatement would amount to $352,852. Nine different government entities, including local schools, share in area property tax collections, and all must approve the abatement proposal in order to allow the incentive.