M&S Industrial Metal Fabricators to Invest in Huntington

M&S Industrial Metal Fabricators Invests in New Equipment

Huntington, Indiana –

M&S Industrial Metal Fabricators announced its intent to invest $500,000.00 to add new manufacturing equipment at its facility in Huntington’s Commercial Road Industrial Park.  The project contributes to the retention of 74 incumbent workers at the plant.  The City of Huntington unanimously approved a ten year tax abatement for the project.  Depending upon the final assessed valuation of the total investment  the Company may still incur a tax liability of approximately $15,000.00 over the ten year period even with the abatement.

Tax abatement as an economic development incentive has existed in Indiana for several  years.  It is an opportunity for Companies to reduce their tax liability at the time when they most need the help, right after a major capital outlay, yet before that investment is paying off.   It is a performance based incentive.  The only way a Company benefits is if they indeed make the investment. 

Municipal governments which offer tax abatement toward major investments still receive new tax revenue, just not as much nor as quickly as requiring a full, immediate, liability.  In some cases, making that requirement would prevent a company from making the investment in the first place.  “The only way a Community loses with abatement offers, is if the Company is not able to make the investment,”  said Mark Wickersham, Executive Director of Huntington County Economic Development.

Companies which receive approval for abatements must then file annual compliance reports to disclose the progress they have made toward the originally planned investment and job creation and retention activities.  Those forms are annually reviewed by the City of Huntington’s Economic Development Commission, which in turn makes a recommendation to the Common Council of the City for approval.

“Huntington County Economic Development and the City of Huntington congratulate M&S Industrial Metal Fabricators for this opportunity and really appreciates the Company’s continued commitment to Huntington,” Wickersham concluded.

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