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HomePage > News > Ikea receives $9.5M tax break for planned Memphis store
Ikea receives $9.5M tax break for planned Memphis store
    January 23,2015



 

 

(Editor: Leona) 

 

Home furnishings giant Ikea has received a tax break from the area government here that could save the retailer about $9.5 million over 11 years, The (Memphis) City News reports.

 

The city-county Economic Development Growth Engine approved the “payment-in-lieu-of-taxes” incentive Wednesday, the report said, adding that the retailer could get another year of tax benefits for the environmental plan it is evaluating that includes installation of solar panels.

 

Last month, Ikea announced its proposal for a 269,000-square-foot area-store near Interstate 40 and Germantown Parkway. The City News referred to it as a $64 million development.

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