MuskogeePhoenix.com, Muskogee, OK

Oklahoma News

January 5, 2014

Macy’s Tulsa County project could get $21M in tax breaks

OWASSO (AP) — Macy’s Inc. could receive up to $21 million in tax breaks and incentives for its $170 million order fulfillment center to be built in Tulsa County, according to public records.

The Tulsa World reported Sunday that the largest of those tax breaks would come from Tulsa County, pending approval by county commissioners. They recently agreed to pursue the creation of a Tax Incentive Finance District that would exempt Macy’s from property taxes on new construction for four years at its planned site for the center.

The county assessor’s office estimated that the company could save more than $1.7 million per year — or more than $8.75 million over the life of the tax abatement. Under Oklahoma’s incentive program, the state will pay the taxes that would have been owed by Macy’s.

Macy’s property-tax exemption will be extended from 2021 to 2025 through the state’s Manufacturing Exemption Program.

Some critics of property-tax abatement program say exempting large retailers from paying taxes shrinks the pool of taxpayers, which can lead to a bigger hit for property owners. But County Commissioner John Smaligo said that’s not the case with the Macy’s center, noting that the project will pay millions of dollars in salaries and payroll taxes.

Macy’s, which plans to hire about 1,500 workers at the Owasso center, will also receive up to $1.5 million from the Governor’s Quick Action Closing Fund. The company is also set to receive smaller incentives from the Oklahoma Department of Transportation and the Cherokee Nation.

1
Text Only
Oklahoma News
AP Video
Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament
Poll

Should a federal judge have the power to strike down Oklahoma's ban on gay marriage?

Yes
No
     View Results
Featured Ads
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Stocks