Corinth Pellets to pursue $7M expansion
State officials announced Corinth Pellets has qualified for incentives under the state’s Pine Tree Development Zone and Employment Tax Increment Financing program as part of its plan to invest more than $7 million in an expansion of its manufacturing facility.
The company plans to hire 18 more employees and renovate its facility and equipment over the next two years, according to a press release. Doug Ray, spokesman for the Department of Economic and Community Development, said the company will be eligible for a 100% credit on corporate income taxes that might be due in years one through five, and a 50% credit in years six through 10. The qualification also could make available a sales tax exemption on qualified tangible personal property purchased for certain uses over 10 years and an annual payment of 80% of the state withholding taxes for eligible employees.
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