Sales Tax Rebate OKd to Lure Oil Company
The City Council approved an agreement granting a 30% sales tax rebate to a Huntington Beach oil company as an incentive for it to move to Seal Beach.
The agreement with Pinnacle Petroleum Inc., which has been in Huntington Beach since 1995, means the city will give the company back about $30,000 of the $100,000 that Seal Beach will receive in new sales tax revenue. The company earns about $10 million a year and has seven employees, city officials said.
According to Seal Beach officials, Huntington Beach offers similar rebates in the 20% to 25% range, plus other extras Seal Beach cannot provide.
The company will move to Seal Beach by year’s end.
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