A state senator is calling on Gov. Andrew Cuomo and New York’s economic-development agency to reject 33 businesses in their attempt to reclaim Empire Zone tax credits.
Incentives worth tens of millions of dollars are on the line. The companies gained a second chance at that money by winning lawsuits against the state, arguing the state illegally took away the benefits (which were once New York’s signature business incentive, at $550 million a year).
As first reported by The Business Review, the state hurried to revive an appeals board to decide whether to let the companies back into the program.
“Restoring credits … would be a major step backwards. I strongly urge you to reconsider any proposal to restore benefits … which clearly do not meet the basic standard of providing enough benefit to the state, in terms of job creation, to justify their cost,” wrote Sen. Liz Krueger (D-Manhattan) in a letter released Tuesday.