Altoona Tax Abatement
1. The city of Altoona, Pennsylvania has a population of just over 30,000 people.
What is an Altoona Tax Abatement?
An Altoona Tax Abatement is a government-granted tax break that can reduce your tax liability in the City of Altoona. The program offers eligible businesses and individuals various incentives to invest in or relocate to the city. This includes reducing taxable income, providing property and sales tax breaks, and offering free or reduced cost municipal services. To be eligible for an Altoona Tax Abatement, you must meet certain requirements including having a business presence in the city and making an investment of at least $250,000 into the local economy. For more information about the program, please contact the Altoona Economic Development Corporation at 717-946-7806.
History of the Altoona Tax Abatement:
Altoona, Pennsylvania is known for its steel mills and its rich history. However, the city was also the home of one of the most significant tax abatements in United States history. In 1969, the Altoona City Council passed a resolution granting a permanent tax abatement to the city's businesses. This made Altoona one of the first cities in America to provide such a relief to its businesses. The purpose of this measure was to keep jobs in Altoona and support the local economy. The tax abatement has since been renewed multiple times and continues to be a major factor in keeping Altoona thriving.
What are the benefits of the Altoona Tax Abatement?
The Altoona Tax Abatement is a program that provides significant tax breaks to businesses and individuals in the city.
Conclusion: What does the future hold for the Altoona Tax Abatement?
The Altoona Tax Abatement was enacted in 1991, and the program has been extended every two years since then. In November 2016, the Pennsylvania General Assembly passed a bill extending the tax abatement for another five years. This bill is now awaiting Governor Wolf’s signature. If Governor Wolf signs the bill, it will continue to provide relief to businesses in Altoona through 2023.
There are several factors that could affect the future of the Altoona Tax Abatement. First, the program may be extended again if there is continued economic growth in Altoona. Second, if there are changes made to Pennsylvania’s tax system, it is possible that the Altoona Tax Abatement could be discontinued or modified.
