Yanfeng logoHamilton County commissioners on Wednesday approved a tax break for a Chinese firm that will be a supplier for Volkswagen’s new, Chattanooga-built SUV.
The vote was unanimous. Yanfeng Automotive Interiors will get a 50 percent break on plant equipment for 14 years, which will mean $600,000 in new revenue for county general government.
Chamber of Commerce Economic Development Vice President Charles Wood told commissioners at their agenda session last week the agreement does not affect real estate taxes on the plant site, and Yanfeng will pay about $1.2 million in school taxes over the years.
The Chattanooga City Council approved the tax break Tuesday.
Yanfeng will build a $55 million plant on Bonnyshire Drive and employ 350 people at an average salary of $50,000, according to Wood.