COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – New Albany is set to pass its longest tax abatement ever for Intel’s $20 billion semiconductor manufacturing campus.
The California-based tech giant is scheduled to receive a 30-year, 100% property tax exemption for land improvements, pending approval at Tuesday’s city council meeting, according to city council documents.
Typically, projects receive exemptions no greater than 15 years, according to the city’s website.
But a 2021 update by the state legislature allow companies to receive 30-year abatements if they are working on so-called “mega-projects,” which invest at least $1 billion into the state and annually generate at least $75 million in Ohio payroll, among other conditions.
Intel checks all of the boxes.
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