OT: When company A has the people over the barrel over taxes

[Nate004]

When Company A, (lets call them Company A because I'm definately NOT talking about Woodmen of the World) claims they are a non profit company *which was worth 40 million dollars last year, and wants tax breaks that would clear them of roughly $800K a year in taxes, does the need for the $800K in douglas county go away with it? Of course Company A (Not Woodmen of the WLOLrd) "totally" want to stay in Omaha, but you know, if they don't get their big tax break, they would have to look in other states to move too (basically, move to some cheap a$$ state that won't make them play as much taxes), and make 500 and some odd jobs go bye bye in Nebraska. But don't hold the state hostage Company A.

But don't fret fellow douglas countiers... I'm sure if Wood... err, Company A where to move, property taxes probably wouldn't go up at all. Because really, 800K isn't all that much $$$, and I'm sure Douglas county has that kinda change just laying around in some couch cushion somewhere.

Anyways, enough rambling. Last year Company A was told to pound sand. Will be interesting to see if they are told the same this year. (I hope so, even if it makes Company A fold up shop and move elsewhere).

 

[HuskerTimOmaha]

Do they currently get tax breaks, prior to the amount you mentioned?
Posted from Rivals Mobile

 

[Nate004]

Originally posted by HuskerTimOmaha:
Do they currently get tax breaks, prior to the amount you mentioned?

Posted from Rivals Mobile

Based on the below article it appears they get some sort of exemption. For how much, I have no idea, and I'm not even sure where I would look to find out.

Tax Exemptions

 

[TheBeav815]

That's how the game is played. It turns into financial chicken with some companies. I happen to believe that you're sorta either out looking for the best possible tax dodge or you're not, and almost no amount of special concessions can let you top the lowest bidder when it comes to tax.

BUT, nothing is true of all situations. Here in IL we are notorious for our high tax rates, and yet there are tons of companies headquartered here. It boils down to a wide variety of factors.

It's all a matter of what the number REALLY is that makes it worthwhile for them to relocate. The state and the area are getting revenue from the company in the form of payroll taxes, etc. Ain't nobody exempt from all the taxes.

Did they previously have an exemption that's being taken away? A 40M valuation is not the same thing as 40M in annual revenue which is REALLY not the same thing as a 40M profit. So if they're operating within the parameters to maintain nonprofit status, yeah, 800K/year would be quite a problem.