Dana Light Axle Products to save $70M in taxes to help retain 855 full-time jobs

Local News

FORT WAYNE, Ind. (WANE) – Dana Light Axle Products, LLC will be able to retain 855 full-time permanent jobs after Fort Wayne City Council approved at tax abatement at Tuesday’s meeting.

Dana requested that council approve designating an Economic Revitalization Area for eligible personal property improvements. This includes: installing new manufacturing equipment and covering $48,600,00 worth of salaries.

The total funds, which add up to $70 million, will be taken from personal property taxes that the company will not have to pay in full over the course of 10 years.

Schedule of taxes saved:

  • Year 1: 100%
  • Year 2: 90%
  • Year 3: 80%
  • Year 4: 70%
  • Year 5: 60%
  • Year 6: 50%
  • Year 7: 40%
  • Year 8: 30%
  • Year 9: 20%
  • Year 10: 10%
  • Year 11: 0%

Council approved the tax abatement in a 5:1 vote. Council President Paul Ensley (District 1) voted against the resolution.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss