State pledging $425,000 in tax incentive to Ill. company moving to Gary
Friday, July 18, 2014
Artcile by nwi.com
GARY | The Indiana Economic Development Corporation is pledging $425,000 in conditional tax credits to an Illinois company moving to Gary.
The IEDC on Tuesday announced the conditional tax credits for Superior Truss and Panel Inc. of Markham, Ill. The performance-based tax credits are conditional on the company hiring Indiana workers.
The company, which manufactures and installs commercial building roof trusses and wall panels, plans to invest $2.6 million to construct, equip and relocate operations to two, 24,000-square-foot buildings at 7592 E. Melton Road in Gary. The move is expected to create up to 52 new jobs by 2016.
In early June, The Gary City Council approved a tax abatement for the company to move to the Miller area.
Superior Truss and Panel will receive a 100 percent personal property tax abatement for 10 years and 70 percent real estate tax abatement for 10 years, which equates to a savings for 10 years of $133,000.
The abatement will help the company defray the cost of moving from Markham to Gary, which Superior estimates at about $200,000.