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News stories tagged with "tax-breaks"

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The jury is absolutely out as to whether this will even become a real company.

"Wind Tamer" and the incentives game

WindTamer, the Rochester-based startup that makes small wind turbines, announced Monday that it's expanding in New York. The move comes with substantial taxpayer help, but as the Innovation Trail's Zack Seward reports, one analyst warns this fairy tale might not have a happy ending.  Go to full article

Empire Zones: companies gobble up tax breaks

New York's Empire Zone program is supposed to give companies tax breaks in exchange for creating new jobs. An investigation by the Syracuse Post-Standard newspaper has found in many cases, that's not happening. Of the ten companies that got the biggest property tax refunds in 2003, none created more than 20 jobs. Some cut positions. Still, the companies gobbled up $56 million in tax breaks. One is based in Potsdam. David Sommerstein spoke with the Post-Standard's Mike McAndrew, who co-authored the reports. He says the most egregious example is New Jersey-based NRG Energy, which owns electric generating stations in Oswego and western New York. In 2003, NRG Energy claimed $22 million in tax credits, and created one-half of one job.  Go to full article

Empire Zones Renewed, With Safeguards

As a part of the budget, lawmakers agreed to extend one of the state's main economic development programs. The Empire Zones program gives more than 9,000 businesses tax credits to locate in New York and create jobs. There are almost a dozen Empire Zones in northern New York. The new legislation heightens reporting requirements for companies that get tax breaks. And it links benefits more closely to job creation. It extends the program until 2015. David Sommerstein spoke with North Country Assemblyman Darrel Aubertine. He says the program is designed to help distressed communities.  Go to full article

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