Verso Paper Corp., the Memphis, Tenn.-based owner of the Jay paper mill, will receive at least $4 million in future tax credits and have a cap set on its gross tax bills through 2020 after the town and the papermaker came to a settlement over three prior years of disputed property taxes.
The Bangor Daily News reports that the settlement, which was approved on Monday, will have the town crediting the company $4 million for its tax bills since 2013 – delivered in six installments of $666,667.
In addition to the $4 million in tax credits, Jay will also give Verso credits reducing the company’s tax bill to $6.75 million in 2016; $6.25 million in 2017; $5.75 million in 2018, $5.25 million in 2019; and $4.75 million in 2020, according to the BDN.
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