Orange County voters approved a countywide job-creation-tax abatement referendum by 61.80% on January 31, 2012.
This economic development tool gives the Board of County Commissioners (BCC) the ability to approve property tax exemptions to qualified new and existing businesses that are expanding in Orange County for the purpose of creating new jobs.
The program authorizes the County to grant qualifying businesses a temporary County property tax exemption of up to 100% on new capital improvement and/or equipment purchases for up to 10 years. This incentive will have no impact on what the company is currently paying in County taxes on existing land, buildings, infrastructure and equipment.
Targeted industries include biomedical and life sciences, aviation and aerospace, homeland security and defense, logistics, financial and professional services, Cleantech, Infotech, and other emerging business sectors. Other industries may qualify if located in designated economic development areas.
Orange County Mayor Teresa Jacobs released this statement regarding passage of Orange County's Tax Abatement referendum:
“I'm pleased by the outcome of the job-creation-tax abatement referendum. This economic development tool will help Orange County attract high-paying jobs in targeted industries and will help secure our long-term sustainability. This is another way to get our citizens back to work so they can provide for themselves and their families. I thank the voters for recognizing that this is a worthwhile investment in our local economy.”