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Corporate jets relocated to Kentucky because of tax break
For purposes of taxation, Meyer Tool's corporate jets have now been placed at the Cincinnati/Northern Kentucky International Airport. A new tax break has been implemented that would eliminate property tax on non-commercial aircrafts by local taxing districts.
An executive with the company feels that this may allow them to be more competitive with other neighboring businesses. He also felt that such a break may lure in other businesses as well.
Meyer Tools will be adding full-time jobs for employees concerning its corporate jets. It also has added jobs for employees at its plant in Erlanger, Kentucky.
Taxes on companies are increasingly important when it comes to locating where business will be conducted. A favorable corporate tax situation can also lure other companies to do business as well. The CEO of the airport stated: "The elimination of the personal property tax on non-commercial aircraft in Boone County will help us attract new corporate fleets and create new jobs for our region."
Experienced tax lawyers can make certain that corporations take advantage of every tax break or exemption while at the same time remaining in compliance with the law. Regardless of where a corporation resides, there will be taxation issues. There are, of course, tax planning strategies that can be put in place that can reduce or even eliminate the tax burden. Some of this simply comes down to anticipating what tax implications will come along with certain business actions. However, tax strategies need to be implemented correctly or companies may face penalties, audits and even greater expense.
Source: Kentucky Post, "With zero taxes, Meyer Tool locates aircrafts to Cincinnati/Northern Kentucky International Airport," Jessica Noll, Jan. 8, 2014