NEWPORT NEWS, Va. (AP) — A city’s steep tax cut has succeeded in getting more planes to park at the local airport. But officials are still waiting for tax revenues to grow.
The Daily Press newspaper on Tuesday reported (http://bit.ly/2bR5wie) that city officials in Newport News expect proceeds to increase in the next year or two.
Last year, officials cut taxes by 76 percent on airplanes at the Newport News/Williamsburg International Airport. The change brought 35 more planes into the hangars.
But revenues still dropped during the past fiscal year ending June 30 by 17 percent. Airport officials said they expect the trend to reverse over time. They said some corporate jets owned by local companies are likely to move in, along with other new clients.
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Information from: Daily Press, http://www.dailypress.com/
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