Supervisors approve tax exemptions for Koch, Raytheon
With expansions, investments, equipment, and improvements in line for the future in Scott County facilities, Raytheon Company and Koch Foods applied to the Scott County Board of Supervisors for tax exemptions over the next ten years.
Raytheon applied for and received an $8,258,191 exemption for investments at their facility.
Koch foods applied for and received a cumulative $3,774,515 exemption for investments. The Koch Distribution Center received a $272,376 exemption. The Koch Prep Plant received a $2,856,025 exemption. The Koch Kill Plant received a $646,114 exemption.
Together, the exemptions for Raytheon and Koch over the next decade total $12,032,706.
The exemptions are exclusive to manufacturing and applications must be filed by June 1 each year.
When asked about the exemptions, Board Attorney Noble Lee said, “The purpose of the industrial exemptions is to improve the employment opportunities and local economy in Scott County.”
“I don’t think Scott County has denied a legitimate industrial exemption application in the past. It is done to encourage industries to come to the county,” said Lee.
Lee noted that every exemption that is approved by the county must be approved by the state tax commission as well.