Ingalls, Signet get tax breaks

PASCAGOULA, Miss. -- Pascagoula leaders this week granted two 10-year ad valorem tax exemptions to Ingalls Shipbuilding and Signet Maritime Corp. for new machinery and equipment. The property receiving the exemption has a true value of some $19.2 million. The bulk of that, about $18.1 million, is attributable to Ingalls Shipbuilding's Pascagoula yard. Ingalls, which has more than 10,000 employees and an annual payroll of $596.5 million, is receiving the exemption on hundreds of items. Tax exemptions such as these are granted by cities and counties as an incentive for companies to invest in their local operations. (Source: Mississippi Press, 12/18/14)