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2/27/2019 6:12:00 PM
Lawrence County Council OKs tax abatement for new machine shop near Springville

Krystal Shetler, Times-Mail

BEDFORD — As Pat Embree prepares to build a new machine shop near Springville, he’ll be catching a break on his real and personal property taxes, thanks to a nine-year tax abatement.

The Lawrence County Council, on a recommendation from its tax abatement committee, passed two resolutions Tuesday night during its regular meeting granting Embree Machine abatements on both its real and personal property taxes.

Joe Timbrook, representing the Lawrence County Economic Growth Council, as well as Embree and his Certified Public Accountant Greg Stokes attended the session.

Timbrook told the council Embree plans to build a new machine shop at a cost of about $450,000. He’ll invest another $200,000 in equipment and other personal property. The two resolutions for abatements cover both investments.

Timbrook said the committee, using a score sheet, recommended a traditional nine-year abatement, which will save Embree about $48,500 over the course of the nine years. The first year, Embree will not pay taxes and the taxes would scale upward until he was paying the full amount after nine years.

The new shop will be built on Greer Lane. It will become his new base of operations, and he expects to hire two additional employees. Embree has supplied parts to General Motors, the Department of Defense, NASA and Cook Group.

The abatement was approved unanimously with all council members present.

Copyright 2019, TMNews.com, Bedford, IN.






Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR


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