Several Area Businesses Could Lose Empire Zone Incentives
About 80 area businesses -- including Olean General Hospital Properties and several in Chautauqua County, could retroactively lose their existing Empire Zone incentives under a drastic plan forced into the state budget that is now being implemented by the Empire State Development Corporation (ESDC), according to Senator Catharine Young (R,C,I – Olean)
"Instead of trying to revitalize the economy and grow our way out of the recession, the State is destroying our most successful economic development tool. We should be fighting for every job, especially now,” Senator Young said.
Senator Young joined her Republican colleagues in opposing the move, which strips businesses of Empire Zone tax breaks that they have previously qualified for under the State’s preeminent job-creation program, and warned at the time that its approval could result in the loss of thousands of jobs.
“Albany is telegraphing a message to potential investors that Upstate New York is now closed for business. We’ve kept and added thousands of new jobs in my Senate district through the Empire Zones program. Now is not the time to use our employers as pawns to fill budget holes,” said Senator Young.
Within the last week, ESDC has issued letters to the approximately 8,000 businesses which qualified for tax breaks and other benefits under the previous Empire Zone regulations. Approximately 80 of those businesses have received letters in Senator Young’s district stating that they have been terminated from the program or are at risk of being terminated.
Senator Young supported an amendment during budget deliberations that would have ensured the State put in place a number of initiatives to create jobs and protect Empire Zone benefits which companies had previously qualified for. The amendment was defeated in a party line vote, Senator Young explained.
"This is what happens when a budget is negotiated in secret by three men from New York City. Upstate suffers and taxes and spending skyrocket out of sight. It is an abomination," Senator Young said.
“We need to invest and build upon the success of the Empire Zone program which has generated billions of dollars in new investment and created thousands of new jobs for our region. I urge the Governor and lawmakers to do the right thing and rectify this problem before it is too late and businesses close up shop for good
"Instead of trying to revitalize the economy and grow our way out of the recession, the State is destroying our most successful economic development tool. We should be fighting for every job, especially now,” Senator Young said.
Senator Young joined her Republican colleagues in opposing the move, which strips businesses of Empire Zone tax breaks that they have previously qualified for under the State’s preeminent job-creation program, and warned at the time that its approval could result in the loss of thousands of jobs.
“Albany is telegraphing a message to potential investors that Upstate New York is now closed for business. We’ve kept and added thousands of new jobs in my Senate district through the Empire Zones program. Now is not the time to use our employers as pawns to fill budget holes,” said Senator Young.
Within the last week, ESDC has issued letters to the approximately 8,000 businesses which qualified for tax breaks and other benefits under the previous Empire Zone regulations. Approximately 80 of those businesses have received letters in Senator Young’s district stating that they have been terminated from the program or are at risk of being terminated.
Senator Young supported an amendment during budget deliberations that would have ensured the State put in place a number of initiatives to create jobs and protect Empire Zone benefits which companies had previously qualified for. The amendment was defeated in a party line vote, Senator Young explained.
"This is what happens when a budget is negotiated in secret by three men from New York City. Upstate suffers and taxes and spending skyrocket out of sight. It is an abomination," Senator Young said.
“We need to invest and build upon the success of the Empire Zone program which has generated billions of dollars in new investment and created thousands of new jobs for our region. I urge the Governor and lawmakers to do the right thing and rectify this problem before it is too late and businesses close up shop for good
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