Colorado Springs City Council Approves Tax Breaks for Amtel Corp.

California-based chipmaker Amtel Corp this week was awarded with a series of retroactive tax beaks for spending initiatives it made and will make at its Colorado Springs plant between 2011 and 2015. The tax breaks, approved by the City Council on Tuesday, will save Amtel $339,070 over the five-year period. A previous agreement between the city and Amtel expired in 2009, but the chipmaker appealed to officials to include the $10.4 million it spent in 2011 to a new agreement. Under the terms of the new deal, the city will forgive half of the property tax owed during a 10 year period beginning at the beginning of last year.

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