Along with the election of the city’s first black mayor, Craig Newton, and deciding between four candidates vying for two city council seats, Norcross voters have the opportunity Nov. 7 to decide on an important inventory tax exemption.
The Freeport Inventory Tax Exemption allows some commercial and industrial businesses to lower their tax burden. Eligible businesses include manufacturing, warehouse, distribution, and fulfillment centers. These businesses currently pay the largest percentage of the overall business taxes collected in Norcross and will continue to do so. More specifically, Freeport allows eligible companies to exempt certain classes of business inventory.
There are four classes of tangible inventory property that can be exempted under Freeport. Essentially, it applies to equipment, merchandise, or material used to produce goods.
Almost all of Georgia’s counties and over 140 cities have adopted Freeport classes 1-3, with many now considering adding the 4th class. In Gwinnett, these include: Berkley Lake, Buford, Duluth, Grayson, Sugar Hill and Suwanee.
About 8 percent of Norcross businesses are currently eligible for the Freeport Tax Exemption. Norcross officials hope, by allowing the city to offer the Freeport they can attract more manufacturing, transportation, warehouse and distribution businesses. City documents arguing for the tax exemption state, “Over the last four years, Norcross has been losing industrial businesses (35 percent) and commercial businesses (15 percent) that would be able to take advantage of Freeport.”
Information: www.norcrossga.net.
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