Posts Tagged ‘PILOT’

JTV Seeks Tax Break To Acquire Knoxville Properties

August 11, 2015

Like a lot of companies in New Jersey, Jewelry Television is looking for a tax break — or so-called PILOT program — from its home state of Tennessee.

The Knoxville News Sentinel reported that JTV is asking the Knox County, Commission to give it a tax deal for a property purchase.

http://www.knoxnews.com/news/politiknox/jewelry-tv-wants-tax-deal-with-knox-county_72273593

JTV wants a payment in lieu of taxes, in this case a 10-year deal, to save $1.4 million in tax payments stemming from buying its site and making improvements to its building, namely adding 20,000 square feet of space, according to the newspaper.

The 24-hour jewelry and gem network is talking about adding 30 high-paying jobs, at $80,000 or so. Where do we sign up?

Under the proposed deal, JTV would not pay taxes on the total $42 million to buy the properties it currently leases.

According to the News Sentinel, JTV employs almost 1,200 people and has a $59 million payroll.

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