International Paper Company will receive tax breaks worth $1.1 million on its purchase of $25.5 million in equipment at existing container plants in Tucker and outside Lithonia.
The Decide DeKalb Development Authority unanimously approved the tax incentives Oct. 13, giving International Paper a discount on property taxes over the next 10 years.
The tax money, which otherwise would have been paid to DeKalb schools and county government, will help International Paper retain 199 jobs at the two locations, according to the company. The facilities aren't expanding or adding additional employees.
“Both locations are under tremendous pressure to upgrade their equipment and to compete,” said Ann Marie Person, a property manager for International Paper, during the Oct. 13 development authority meeting.
The incentives will offset some of the cost to replace guide cutting machines and printing presses, representing new property investment of $21.5 million in Tucker and $4 million near Lithonia.
After accounting for the $1.1 million in tax breaks, DeKalb’s school system and county government will still collect $1.5 million in property taxes over the next decade as a result of the company’s investment, according to a study prepared for the development authority.
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