The City of Laurel officials recently approved Masonite International’s request for an exemption of ad valorem tax for some expansion work at the local facility.
The Laurel City Council approved the company’s request during its meeting earlier this month.
Masonite International officials announced earlier this month, the company’s plans to file for Chapter 11 bankruptcy. However, officials have confirmed to the Laurel Leader-Call that the company has plans to keep a local facility.
Mitch Stennett, president of the Economic Development Authority of Jones County, and Masonite officials — Masonite attorney Bill Mullins and Dale Lightsey with the Masonite Corporation — attended the City Council’s meeting where the company’s application for exemption from ad valorem taxes were being discussed.
According to the city’s resolution regarding the exemption, Masonite Corporation has made additions to and expansion of its Laurel Mill within the meaning of Mississippi Code of 192 and is eligible for the exemption granted by section 27-31-101 for said addition and expansions.
However, according to the statute, the company cannot be exempted from state and school district ad valorem taxation.
“Ad valorem property tax exemptions are for new businesses and the expansion of businesses,” Stennett said. “In order for a community to compete nationally, they have to be willing to offer businesses this to encourage business expansions and new businesses. Almost all the other states offer this exemption.”
Some council members also voiced their support of the local business.
“Masonite, as well as other businesses nationwide, have had to lay employees off to survive. However, it’s very important that we protect our companies and help them strengthen themselves and put our people back to work,” Council president George Carmichael said. “Masonite is very important to our economy and we are just supporting our local businesses and our residents.”
Councilman Manuel Jones said the “council has always been in agreement to help businesses locate and stay in the City of Laurel. ... By supporting local businesses, it helps our taxes and our schools.”
Lightsey told officials that the company’s expansion “is good news in difficult times.”
Stennett said an important factor regarding the exemption is that “it’s only for 10 years. After 10 years, it goes on the tax rolls.”
Masonite announced earlier this month that it planned to file for bankruptcy protection from creditors as part of a deal with lenders to reduce the company’s debt by nearly $2 billion.
Officials said sluggish home-buying and house-renovating market has impacted the Laurel facility over the past few months.
Masonite International’s Laurel Mill produces hardboard molded door facings used for the manufacture of interior doors and molded fiberglass door facings used to manufacture exterior entry doors. The local facility produces a pre-finished interior door facing used primarily in manufactured housing.
Employment at the Laurel facility peaked at 3,500 in the 1960s. However, officials said, the Laurel Mill employed 408 workers at the beginning of the month.
Local News
Laurel approves Masonite tax break request
Local facility receives ad valorem tax exemption on expansion
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