GULFPORT — The Gulfport City Council has unanimously approved tax breaks totaling $94,688 a year for Northrop Grumman’s shipyard, but one will expire in a year and the other by July 2013 unless the incoming council decides to renew it.
Northrop Grumman requested the tax breaks for 10 years, based on the company’s investment of more than $18 million in building expansion and equipment. The Sun Herald reports representatives of the Harrison County Development Commission recommended the tax exemptions be offered for five years.
Northrop Grumman has retooled its shipyard to make fiberglass composites, which are replacing aluminum and steel on ships. The shipyard employs about 550 workers.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info