NORTH CHARLESTON, S.C. (AP) - North Charleston has approved a corporate tax break for the biggest companies in town, including Boeing.
The Post and Courier of Charleston reported the city council on Thursday cut the rate used to calculate annual fees for companies earning $250 million or more. There are only four such companies in the city.
The city also created a new top rate tailored for Boeing that is 99% less than the current levy.
The newspaper reports that, essentially, the deal was created so Boeing pays no more than about $1 million in yearly fees to North Charleston as aircraft production increases.
Information from: The Post and Courier, http://www.postandcourier.comCopyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.