Last week was the deadline for any commercial or industrial entities to apply for the newly passed business tax credit for the year.

Greene County Assessor Linda Spearman says of the 362 total units in the county, 98.5% applied for the credit.

She states that when the legislature passed the new business property tax credit, that it was more about helping out the local, smaller companies.  Spearman describes an example of how the new tax credit will work and the importance of the program.

“When you get into over $1 million in value, the tax credit that you are going to receive off of this-and I’m just talking a number because that’s what they’re saying, it depends on how many signup-around $500 and then that’s for units.  So for the bigger ones, that’s not going to affect them, but for the small guys that on the square and in the small towns, yeah it is going to be a savings to them.”

She talks about when the property tax credits will apply.

“That’ll be on the taxes that are issued this fall.  In August, commercial, any industrial, telephone and the railroads it will be on their tax statement this fall.”

Spearman notes that anyone who didn’t sign up by the January 15th deadline can still do so, but it won’t apply to your business until January 1 of 2015.

She points out that her office must have all applications submitted to the Department of Revenue by January 31st.