Needham Town Meeting members voted Monday night to grant a major tax break to TripAdvisor LLC to attract the online travel company to move its corporate headquarters from Newton to Needham.
The vote allows the town to offer TripAdvisor a tax increment financing plan, which grants the company a 76 percent exemption on its taxes for new development for five years, and a 1 percent exemption for the next eight years.
The company has plans to build at least one 230,000-square-foot facility in Needham’s New England Business Center.
It is the first such tax plan that Needham has offered, and some Town Meeting members were concerned that granting the tax break would invite a rush of similar requests.
But town officials said they have strict criteria and it’s doubtful another business would meet the requirements.
The tax plan requires approval by the state.