BAY COUNTY, Fla. (WMBB) — On Tuesday, Bay County voters moved to pass a local tax exemption for businesses in the area.
The ad valorem tax exemption for local qualifying businesses has been voted on every year since 1980, passing every time.
Local economic development leaders said on Wednesday that they are excited that residents voted to pass the exemption again; Bay Economic Development Alliance President, Becca Hardin, said it’s an extremely helpful tool for them to use to attract business to the area and keep existing businesses here, especially after the state’s qualified target industry (QTI) tax refund sunsetted earlier this year.
She said the fact it passed overwhelmingly again shows the residents’ support for economic growth in Bay County.
“This is tremendously positive news for Bay County,” Hardin said. “We just want to thank the voters of Bay County for supporting the efforts of the Bay Economic Development Alliance. It’s very important that we continue to have this economic development tool in our economic development tool kit because it enables us to help existing companies grow while we’re bringing new companies into the county.”
She said the exemptions are given to new and growing businesses in Bay County who prove that they are creating jobs in the area, helping the local economy.