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Article: EMPIRE ZONE TAX BREAKS IN BUDGET PLAN CROSSHAIRS; PATERSON: BOOT BUSINESSES THAT HAVEN'T DONE THEIR SHARE, LET PROGRAM DIE IN 2011.(News)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- December 16, 2008
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Byline: Mike McAndrew Staff writer
Gov. David Paterson today will propose kicking businesses out of the much-criticized Empire Zone program unless they created jobs or made investments worth 20 times the tax breaks they've received.
Paterson will present to the state Legislature a budget that includes Empire Zone reforms projected to save New York $270 million and a plan to let the program expire in 2011, said Timothy Gilchrist, the governor's deputy secretary for economic development and infrastructure.
The Empire Zone program costs New York about $600 million per year, and has not helped create the jobs or investments to justify that expense, ...